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 December2020.

• Adjusted EBITDA reached RUB 27,376 million
• A decline of net debt/adjusted EBITDA to 0.6x compared to 1.1x as at the end of 2019

FY2020 Financial Highlights:

• Operating cash flow of RUB 22,430 million1;
• Cash balance of RUB 85,798 million2 compared to RUB 66,859 as at the end of 2019;
• Revenue reached RUB 118,052 million;
• Adjusted EBITDA totaled RUB 27,376 million;
• Profit for the year amounted to RUB 12,025 million;
• EPS reached RUB 120,0;
• Net debt decreased by 26% YoY to RUB 16,830 million3 (total debt: RUB 102,628 million);
• Net debt/adjusted EBITDA4 ratio decreased to 0.6x from 1.1x as at the end of 2019;
• Land bank valued at RUB 276 billion and totaled 8,226 sqm.

Other FY 2020 Highlights:

• 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 net sellable area of 830 th. sqm. The whole project could be completed by 2034;
• In March 2021, LSR Group completed the placement of RUB 5 billion of its Series 001P-06 exchange-traded bonds with a coupon rate of 8.0%.

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.”

Full version of the press release

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