Investor Presentaiton
Balanced growth strategy
IPO proceeds
71,934
55,184
43,172
0.5x
0.44x
0.44x
0.44x
0.5x
0.43x
0.4x
0.4x
0.3x
0.3x
0.2x
0.2x
0.1x
0.1x
0.0x
2012
2013
2014
110
104,286
89,253
100
90
80
0.34x
Organic portfolio value
70
growth as a result of IPO
60
proceeds investment
50
40
30
20
10
0
2010
2011
(1,462)
(76)
(1,482)
(4,482)
(4,897)
2010
2011
2012
2013
2014
FCF, mln RUB
Open Market Value, (1) mln RUB
15
10
5525225250
1.53x
1.53x
1.49x
45
40
1.25x
35
30
1.6x
45
1.4x
1.29x
1.2x
1.0x
0.8x
0.6x
0.4x
0.2x
0.0x
55233225050
40
1.04x
15
10
2010
2011
2012
2013
2014
Working capital, bln RUB (lhs)
Cash collections, bln RUB (lhs)
Working capital to Cash collections ratio (rhs)
Note: for FCF and Working capital detailed calculations please refer to pp. 39-40
(1) JLL land bank valuation report as of 31.12.2014
Etalon Group
Working capital, bln RUB (lhs)
Open Market Value, bln RUB (lhs)
Working capital to Open Market Value ratio (rhs)
1.34x
1.31x
1.29x
1.4x
1.14x
1.2x
1.0x
0.8x
0.6x
0.4x
0.2x
0.0x
2013
2014
2010
2011
2012
Working capital, bln RUB (lhs)
New Contract Sales, bln RUB (lhs)
Working capital to New Contract Sales ratio (rhs)
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