Investor Presentaiton
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•
At a glance
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Presence in rapidly growing markets
Focus on "Golden Triangle" of Moscow,
Greater Moscow Area and St. Petersburg
Leader in St. Petersburg* real estate
market with c. 11% market share(1)
Dominant player in "comfort class"
in Russia
Strong delivery track record
Liquidity and credit ratings
• Secure liquidity position supported
by pre-sales cash collections
Low leverage: 0.6x Net debt /
EBITDA as of 31.12.2010 (2), Net cash = US
$167 mln as of 31.12.2011
Credit rating by S&P's: B/Stable/B (3)
Rapidly expanding projects portfolio
Land bank of 3.25 mln sqm (equivalent of
c. 16 Empire State Buildings)
Market
Ticker
ETLN:LI
USD 1,661 mln
capitalization
(18.05.2012)
Share price
USD 5.30 (18.05.2012)
Portfolio composition
Total unsold NSA breakdown
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3.0 mln sqm commissioned since
.
inception in 1987
25 years of construction & development
experience
True vertical integration
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All stages of development cycle
.
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Land bank sufficient until 2017
Projects portfolio focused on cash-flow
generation
.
Focus on comfort class segment
Land bank secured to 2x delivery volume
by 2012 and 4x by 2014
Large-scale multi-phase projects
Country-wide sales network
40 business units with c. 4,000 people
* St Petersburg metropolitan and Moscow metropolitan areas respectively
(1) Average annual market share of total residential completions in the private
sector (excluding individual construction) between 2000 and 2011 in St.
Petersburg;
(2) Net debt as of 31.12.2010, EBITDA for 2010; based on audited consolidated
IFRS accounts of Etalon Group; (3) 'B' long-term & 'B' short-term corporate
credit
ratings of SSMO LenSpetsSMU with 'Stable' outlook (last reconfirmed on
10.01.2012);
Corporate governance
10 BoD members, five NEDS
Fully accomplished Board of Directors
with appropriate representation of
interests of all investor groups
Quarterly trading updates and semi-
annual financial reporting
Official guidance on deliveries and new
contract tales
Etalon Group
45%
■SPMA as of 31.12.2011
■MMA as of 31.12.2011
55%
1% 1%
43%
55%
■Residential under
construction
■Residential design stage
☐
Completed residential
■Standing commercial
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