LSR Group announces 1H2014 Financial Results

LSR Group announces 1H2014 Financial results

In the first half of 2014 LSR Group generated RUB 32,408m of revenues and RUB 5,357m of EBITDA

· Sales revenue increased by 55%, up to RUB 32,408m

· EBITDA increased by 87%, up to RUB 5,357m

· EBITDA margin was 17%

· Total comprehensive income was RUB 1,116m

· Earnings per share amounted to RUB 10.22

· Total debt increased by 4%, up to RUB 35,315m

· Net debt/EBITDA ratio decreased from 2.40 to 1.46

Aleksandr Vakhmistrov, CEO and Chairman of the Executive Committee of LSR Group comments:

During the first six month of this year the company saw the increase of all our key financial indicators. Our revenue increased by 55%, up to RUB 32,408m. EBITDA grew by 87%, up to RUB 5,357m. EBITDA margin was 17%. The company's total comprehensive income amounted to RUB 1,116m. Net debt decreased by 26% to RUB 20.7bn. Net debt/EBITDA ratio decreased from 2.4 to 1.46.

Starting from January 1, 2014 we implemented a new accounting policy on recognition of the real estate development sales revenue. According to the new policy revenue for the full value of the real estate already contracted is recognised on the date when commissioning certificate for the building is issued. To ensure data comparability we restated the previously issued financial statement for 1H 2013.

We are happy with the results achieved in 1H 2014 and definitely optimistic about our future.

Full version of the press-release is available in pdf-format>>

http://www.rns-pdf.londonstockexchange.com/rns/0257Q_-2014-8-26.pdf 

Notes to Editors:

OJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are production of building materials, real estate development and panel construction. LSR Group's main operations are located in St. Petersburg, Moscow and Yekaterinburg. As of 31 December 2013 (according to DTZ), the net sellable area of the projects in LSR Group's real estate portfolio is equal to 7.8m m2 with the market value of RUB 117bn. In 2013, the sales revenue of LSR Group amounted to RUB 65,316m (IFRS). LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX-RTS.

For more information please contact:

LSR Group Press Service

 Tel.: +7 812 314 10 44

 Fax: +7 812 458 83 72

 E-mail: [email protected] 

www.lsrgroup.ru