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LSR Group

January 25, 2021

LSR Group reports its operating results for the fourth quarter and twelve months of FY 2020

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 fourth quarter and the twelve months ended 31 December 2020.

The Group’s sales increased by 12% YoY in monetary terms mainly due to a strong performance in St. Petersburg where sales up 27% YoY 

FY 2020 Highlights:

  • New contract sales increased by 12% YoY, reaching RUB 95 billion, or 826 th. sqm;
  • Average price per sqm increased by 14% YoY reaching RUB 129,000;
  • Share of mortgage sales amounted to 64%, up from 47% in 2019;
  • Completions reached 672 th. sqm of net sellable area;
  • New 787 th. sqm of net sellable area launched in the reporting period;
  • Solid performance of building materials segment in line with the Company’s expectations.

 

Key events during and after the reporting period:

  • In July, Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of PJSC LSR Group at 'B+' with a Stable Outlook;
  • In July, Moody’s Investor Service has affirmed PJSC LSR Group’s B1 corporate family rating and B1-PD probability of default rating with a Stable Outlook;
  • In August, LSR Group’s Board of Directors established Sustainability Committee to enhance its sustainability efforts;
  • In September, LSR Group received the status of a member of the Association for the promotion of creation of standards and rules for Ecological construction “Green Building Council”;
  • In September, the Company received rights for land reclamation and further development of the northern part of Vasilevskiy Island in St. Petersburg to develop a business class residential complex with the residential area of around 800 th. sqm. The whole project could be completed by 2034;
  • In October, for the first time the Company distributed dividends for 1H2020 in amount of RUB 2,061 million or RUB 20 per ordinary share, according to the decision of EGM and  updated dividend policy;
  • In October and November, the Company repurchased 2,331,819 exchange-traded bonds of the Series 001P-01 and 1,689,117 exchange-traded bonds of the Series 001P-02 in accordance with the previously announced public irrevocable offer.

  

Andrey Molchanov, CEO of PJSC LSR Group, commented:

“We delivered strong operating results for 2020, which were in line with our plans. Our sales increased by 12% in monetary terms, thanks to our unique product offering as well as a state-backed mortgage rate subsidy programme.

I am particularly pleased with the results in St. Petersburg, where sales were up 12% in square meters and 27% in monetary terms compared to the previous year. Our projects Tsvetnoy Gorod and Civilization demonstrated notable sales growth year-on-year in both the third and the fourth quarters, continuing to enjoy a high demand from customers.

Our further focus on profitability in the Moscow business-unit helped us to achieve solid sales in monetary terms despite a planned decline in square meter sales. In particular, we are pleased with the sales of our flagship project ZILART, where we recently launched two new buildings of premium segment and which was justly recognized as the best residential complex in Russia last year.

Overall, the results achieved and our leading position in the market allow us to look with confidence at the business prospects in 2021". 

Full version of the press release >> >> 

For more information please contact:
LSR Group Press Service
E-mail: press@lsrgroup.ru
Tel.: +7 (812) 320 56 53 
www.lsrgroup.ru

 

 

 

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