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LSR Group

October 20, 2020

LSR Group reports its operating results for the nine months of 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 thirdquarter and nine months ended 30 September 2020.

New contract sales increased by 38% YoY in St. Petersburg leading to the Group’s sales growth of 16% YoY.

9M 2020 Highlights:

  • New contract sales increased by 16% YoY to RUB 66 billion, or 590 th. sqm;
  • Average price per sqm increased by 8% YoY reaching RUB 124,000;
  • Share of mortgage sales amounted to 64% compared to 48% in 9M 2019;
  • Completions reached 200 th. sqm of net sellable area, in line with the projects schedule;
  • New 585 th. sqm of net sellable area launched in the reporting period;
  • Solid performance of the building materials segment, in line with management expectations.

3Q 2020 Highlights:

  • New contract sales increased by 48% YoY to RUB 29 billion (244 th. sqm);
  • Average price per sqm increased by 13% YoY reaching RUB 130,000;
  • Share of mortgage sales amounted to 72%;
  • Completions reached 28 th. sqm of net sellable area;
  • New 118 th. sqm of net sellable area launched in 3Q 2020.

Events during and after reporting period:

  • In September, the Company received rights for land reclamation and further development of 143 hectares of the northern part of Vasilevskiy Island in St. Petersburg. The Company plans to develop a business class residential complex with an outstanding view and enhanced infrastructure facilities. The residential area would account to approximately 700 th. sqm. The project schedule includes three to four years of land reclamation, while the whole project could be completed by 2034;
  • In September, the EGM approved a dividend payment of RUB 2,061 million or RUB 20 per ordinary share for 1H 2020 according to the revised dividend policy;
  • In October, the Company announced public irrevocable offer to purchase its Series 001P-01 and Series 001P-02 bonds in an aggregate quantity of up to 5,000,000 and 3,333,333 bonds respectively.

Andrey Molchanov, CEO of PJSC LSR Group, commented:

“We delivered excellent results in the first nine months of the year, especially in the third quarter. Our achievements during this period were facilitated by the government mortgage rate subsidy program, as well as by our exceptional product offering.

During the third quarter, we recorded a 48% growth in new contract sales in monetary terms with an increase observed across all regions of our presence. Furthermore, we almost doubled this figure in St. Petersburg, where we saw an increase of 73% in sqm sales and 15% growth in an average price. A variety of our mass-market projects and distinctive features of offered apartments succeeded to meet customer demand, with particularly strong sales in our flagship projects Tsvetnoy Gorod and Civilization.

Overall, given the government’s initiatives to prolong the subsidy program until 1 July 2021, our own competitive edge and strong financial position, we remain optimistic about our business prospects.” 

Full version of the press release >> 

For more information please contact:
Investor Relations
Igor Tsoy
Director of Investor Relations
E-mail: IR@lsrgroup.ru

Media Relations
LSR Group Press Service
E-mail: press@lsrgroup.ru

 

 

 

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