Etalon Group - Expanding Portfolio for Robust Growth
B 1Grou
At a glance
Presence in
rapidly
growing
markets
Leader in St Petersburg* real estate
market with ca. 11% market share (1)
Strong presence in Moscow* real
estate market
Focus on upper economy class and
lower middle class segments.
Nationwide sales network.
Strong
delivery
track record
2.8 mln sqm commissioned since
inception in 1987
24 years of construction &
development experience
Liquidity
and credit
ratings
Rapidly
expanding
projects
portfolio
■
All stages of development cycle
True
vertical
integration
■
Large-scale multi-phase projects
Corporate
governance
Country-wide sales network
☐
Secure liquidity position supported
Ticker
ETLN:LI
by pre-sales cash collections
"
Low leverage: 0.6x Net debt /
EBITDA as of 31.12.2010 (3), Net
cash = US$271 mln as of
30.06.2011
Market
capitalization
USD1,165 mln (12.10.2011)
Share price
USD3.95 (12.10.2011)
Credit rating by S&P's: B/Stable/B
(3)
Projects portfolio focused on cash-
flow generation
Dominant player in "comfort
class" in St Petersburg
Sufficient land bank to support
future recurring income. Land bank
secured to 2x delivery volume by
2012 and 4x by 2014
Fully accomplished Board of
Directors with appropriate
representation of interests of all
investor groups
■ Quarterly trading updates and
semi-annual financial reporting
Portfolio composition
Total unsold NSA breakdown
14%
31%
55%
SPMA as of 31.12.2010
Acquired in 2011
1% 1%
14%
39%
45%
MMA as of 31.12.2010
Residential under construction
Acquired in 2011
Residential design stage
Completed residential
Standing commercial
Source: JLL report as of 31.12.2010,
Company press releases
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 2010 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 06.11.2010);
Etalon Group
5View entire presentation