Lastochkino Gnezdo Project Presentation
At a glance
Presence in rapidly growing markets
•Dominant player in "comfort class" (sweet
spot between economy and business class) in
Russia
• 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)
Strong delivery track record
• 3.0 mln sqm commissioned since
•
inception in 1987
25 years of construction & development
experience
True vertical integration
• All stages of development cycle
• 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);
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 3.78 mln sqm (equivalent of c.
16 Empire State Buildings)
• 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
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
Ticker
Market
capitalization
Share price
ETLN:LI
USD 1,401 mln
(21.11.2012)
USD 4.75 (21.11.2012)
Portfolio composition
Total unsold NSA breakdown
45%
55%
■SPMA as of 31.12.2011
■MMA as of 31.12.2011
1% 1%
■Residential under
construction
Residential design stage
43%
55%
■Completed residential
Standing commercial
Etalon Group
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