Financial Results
Etalon Group is well positioned to continue creating shareholder
value in a more complicated macro environment
Current land bank is sufficient for Etalon Group's construction programme, no
need to acquire land plots in the medium term
More diversified product offering based on a higher number of projects and a
growing share on lucrative MMA market
Growing contribution from the Company's sales network in Russia's resource-rich
regions
The strongest balance sheet in the industry
Low level of FX-denominated debt fully hedged by FX-denominated
deposits
Currently no debt borrowed outside of Russia
Etalon Group maintains its B+ credit rating from Standard & Poor's
despite Russia's sovereign credit rating downgrade in 2014
Reasonable price growth during preceding 3 years, no signs of a
bubble
Land bank (unsold NSA) bop, ths sqm
Number of projects in construction
programme, eop
2008
2014
1,280
3,442
8
15
Share of Moscow Metropolitan Area in
total contract sales, %
23%
Share of regional sales, %
21.0%
34.4% (1)
Total net debt (net cash), mln RUB
4,358
636
- % FX denominated debt
88.5%
8%
- % of debt borrowed outside of Russia
46.4%
-
Net debt / EBITDA
1.37x
0.06x
Credit rating (Standard & Poor's)
B
B+
Residential real estate price CAGR (previous 3 years), %:
- St. Petersburg market(2)
41%
6%
- Moscow market (3)
34%
7%
Inventory of completed and available
for sale apartments eop, ths sqm
25
220
Comprehensive inventory of completed apartments in diverse locations is
attractive to clients during macroeconomic instability. It also enables the
Company generate revenue without incurring additional costs
Moderate share of mortgage sales, well below that of other public peers
Share of mortgage sales
Transparent public company with long and successful track record of
cooperation with capital markets
Qualitative criteria
Sources: Land bank valuation report by JLL as of 31.12.2013 and 31.12.2014, management accounts, IPO Prospectus, IFRS financial statements for
12M 2008 and 12M 2014
(1) for FY 2014
Etalon Group
Operating
Results
Financial
Results
Landbank
Valuation
8%
3 years of public
debt history
Partnership with
Baring Vostok
Capital Partners
22% (1)
Public listing on
LSE
Transparent
corporate
governance
Dividend policy
9 years of public
debt history
(2) calculation based on EMLS index (secondary market) as of December for preceding 3 years
(3) calculation based on IRN housing price index as of December for preceding 3 years
2015
Deliveries
Appendix
36View entire presentation