LSR Group Reports Operating Results for the First Half of 2013

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25 Νοε 2013 (πριν από 3 χρόνια και 10 μήνες)

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1
5

July

201
3

PR
ESS RELEASE

St. Petersburg






LSR Group Reports Operating Results

for the First Half of 2013


LSR Group (LSE: LSRG; MICEX
-
RTS: LSRG), one of the leading real estate developers and building materials
producers in Russia, is publishing the operating
results

for
the first
half

of 2013
.


The operating r
esults of our development business
in
1H

2013
allow us to
reiterate
our

full year new contract sales
guidance of 570 th
m
2
.

W
e

also

reiterate
our building materials sales guidance for 2013:
crushed granite


6.5 m m
3
,
sand


11 m m
3
, ready
-
mix concrete


1.55 m m
3
, reinforced concrete in St. Petersburg
-

390

th m
3
, cement


1.6 million
tonnes, bricks


200 million of units and aerated concrete


1.1 m m
3
.


REAL ESTATE DEVELOPMENT


Real estate

i
n

St
.
Petersburg

2
Q
2012

2
Q
2013

Change, %

1H

201
2

1H

201
3

Change, %

Completed
,
th m
2














Total

-

31

-

-

31

-

Elite real estate

-

9

-

-

9

-

Mass market real estate

-

23

-

-

23

-

New contract sales
,
th m
2














Total

53

114

114%

126

192

53%

Elite real estate

14

15

3%

39

30

(
24%
)

Mass market real estate

39

99

155%

86

162

88%

Transferred to customers
,
th

m
2













Total

20

45

126%

58

94

63%

Elite real estate

6

12

89%

8

23

195%

Mass market real estate

13

32

144%

50

71

43%








Real estate in
Moscow

2
Q
2012

2
Q
2013

Change, %

1H

201
2

1H

201
3

Change, %

Completed
,
th m
2

24

-

-

24

-

-

New contract

sales
,
th m
2

20

21

9%

40

43

8%

Transferred to customers
,
th m
2

7

5

(
35%
)

7

15

117%








Real estate in Yekaterinburg

2
Q
2012

2
Q
2013

Change, %

1H

201
2

1H

201
3

Change, %

Completed
,
th m
2

7

10

47%

7

11

58%

New contract sales
,
th m
2

15

29

95%

33

47

45%

Transferred to customers
,
th m
2

16

2

(
88%
)

22

26

19%


Notes:

The operating results in this table are rounded to whole numbers in thousands square meters, while all the calculations are b
ased on the full
figures.


In
1H

201
3
,

in all regions of
our
operations we
entered into

new contracts for the sale of
283

th m
2

(
+43%
).
The total
value of
the
contracts was RUB
23.2
bn
,
up 35% against

1H

2012.

In
1H

2013
, we transferred to our customers
135

th
m
2

(+
57
%)
of net sellable area

and completed
42

th m
2
of
net sellable area

(+36%)
.






R
eal
E
state
in St. Petersburg

In
1H

2013
, in St. Petersburg, we entered into new contracts for the sale of
192

th m
2

of net sellable area, up
53
%
against
1H

2012. The total value of the
contracts
was RUB
17.
8
bn

(+3
8
%)
. In
1H

2013
, we transferred to our customers
94

th m
2

of net sellable area (+
63
%
) and completed
31

th m
2
of net sellable area.


In
1H

2013
, in the elite real estate segment, we entered int
o new contracts for the sale of
30

th
m
2

of

net sellable area

(
-
24%)
.

The total value of
the
contracts
was
RUB
4.9
bn

(
-
2
0
%)
.

In
1H

2013
, we transferred to our customers
23

th m
2

of
net sellable area

(+195%)

and completed
9

th m
2
of net sellable area in residential house “Kovenky”.


In
1H

2013
,

in the mass market segment,
we entered into new contracts for the sale of
162

th
m
2
, up 88% against 1H
2012
.

The total value of the contracts was RUB
12.8
bn

(+91%)
.

In
1H

2013
, we transferred to our customers
71

th m
2

of
net sellable area

(+43%)

and completed 2
3

th m
2
of net sellable area
in
residential complex “Vostok”.


In
1H

2013 we
started pre
-
sales in
the following

projects
:
House on Dvo
ryanskaya with a total area of

6.4 th m
2
,

Europe
c
ity

with a total area of 117 th m
2
,
VIVA

with a total area of

103 th m
2
,
Kalina
-
park

with a total area of 347 th m
2
,
Kvartet

with a total area of 107 th m
2
,
Novaya Okhta

with a total area of 806 th m
2
and Sofi
y
a

with a total area of 307 th
m
2
.


Real Estate in Moscow

I
n
1H

2013
,

we entered into new contracts with
our
customers for the sale of
43

th m
2

of net sellable area
, up
8
%

on our
sales in
1H

201
2
. The total value of the
signed
contracts was RUB
2.6
bn

(
+
11
%
).



In
1H

201
3

we transferred to our customers
1
5

th m
2

(+117%)
.
There were no housing completions in
1H

2013 due to
the projects schedule.



During the reported period we started pre
-
sales of extra 42
th m
2

in the first stage of our residential project Novoe
Domodedovo.


Real Estate in Yekaterinburg

In
1H

2013
, in Yekaterinburg
,

we entered into new contracts for the sale of
47

th
m
2

of net sellable area
,
up
4
5
%
against
1H

201
2
. The total value of the contracts signed in
1H

201
3

increased by
4
6
%
, up to

RUB
2.9
bn.


In
1H 2013
, we transferred to customers 26 th m
2

(+19%) and completed 11 th m
2
of net sellable area
(+58%).


In
1H

2013 we
started pre
-
sales in the new low
-
rise residential neighbourhood “Michurinsky” with a total area of 232 th
m
2
.























CONSTRUCTION


Construction

2
Q
2012

2
Q
2013

Change
, %

1H

201
2

1H

201
3

Change, %

St. Petersburg













transferred to customers

111

122

10%

191

223

16%

th m
2

Moscow













transferred to customers

30

32

7%

73

67

(
7%
)

th m
2
*

Yekaterinburg













transferred to customers

26

47

81%

55

81

48%

th m
2
*

Total

167

201

20%

319

371

16%


Notes:

The operating results in this table are rounded to whole numbers in thousands square meters, while all the calculations are
based on the full figures.

*
Sales figures in Yekaterinburg
and Moscow
include both transfer of completed panel housing to the customers and sales of
reinforced concrete for panel construction


Construction

In
1H

2013
,
our

subsidiaries in St. Petersburg, Moscow and Yekaterinburg transferred to
our
customers

371

th
m
2

of
panel housing

(
+
16
%
)
.




BUILDING MATERIALS


Product

2
Q
2012

2
Q
2013

Change, %

1H

201
2

1H

201
3

Change, %

Crushed granite, th m
3

1
,
614

1
,
660

3%

2
,
961

2
,
908

(
2%
)

Sand, th m
3

2
,
889

2
,
441

(
16%
)

5
,
214

3
,
983

(
24%
)

Ready
-
mix concrete, th m
3

378

380

1%

642

659

3%

Reinforced Concrete
, th m
3

117

95

(
19%
)

212

185

(
13%
)

Cement, th tonnes

297

304

2%

425

461

8%

Bricks, million units

54

52

(
3%
)

84

94

11%

Aerated concrete, th m
3

332

334

1%

522

521

-


Notes:

The operating results in this table are rounded to whole numbers in thousands square meters, while all the calculations are
based on the full figures.


Crushed Granite

In
1H

2013
, our crushed granite sales totaled
2.9
m m
3

unchanged as compared to 1H
2012
.



In
1H

2013
,

we supplied our crushed granite to producers of building materials and for construction of
several
large
infrastructure projects includ
ing Western High Speed Diameter and
the
new terminal of Pulkovo Airport.


Sand

Sand sales in
1H

2013

were
4
m m
3

(
-
2
4
%)
.
The decline
in sand sales was due to
the changed schedules of certain
infrastructure projects
.


In
1H

2013
, we
supplied

our sand
to

a number of

infrastructure projects including Western High Speed Diameter

and
the
new terminal of
Pulkovo Airport

as well as to large residential projects.


Ready
-
Mix Concrete

In
1H

2013
,

ready
-
mix concrete sales were
659

th

m
3
, up 3%

against

1H
2012
. It included
438

th m
3
sold
in St
.
Petersburg and
221

th m
3
sold i
n Moscow.


In
1H

2013
, in St.
Petersburg we supplied our ready
-
mix c
oncrete
to

residential, commercial

and infrastructure projects
.
In Moscow we mainly supplied our ready
-
mix concrete for residential construction.


Reinforced Concrete

In
1H

2013
, we sold
185

th m
3
of reinforced concrete items,
down

13
%
against

our sales in

1H

201
2
. It included

148

th
m
3

in St. Petersburg,
1

th m
3
in Moscow and
35

th m
3
in Yekaterinburg.


Cement

In

1H

2013
,

we sold
461

th

ton
n
es of cement

(+
8
%)
.
We mainly supplied our cement to
building materials
producers
,
including

ready
-
mix concrete

and reinforced concrete
factories
.

Bagged cement accounted for
about

20% of our total
sales.


Bricks

In
1H

2013 o
ur bricks sales amounted to
94

million units, up
1
1
% on our sales in
1H

2012. It included
70

million units

sold

in St. Petersburg (
-
7
%)

and

24

million units

sold
in Moscow (+
179
%).


Our new brick plant in the Leningrad region, launched in December 2012, produced
51

million units in
1H

2013. In
March 2013, the plant has achieved 100% capacity u
t
ilisation ratio for its key product.

In June 2013, we launched a new
advanced production line to manufacture clinker ceramic items at the plant. The
annual
capacity of the new line is up to
25 mi
llion
clinker ceramic items or up to 40 million regular facing bricks.


Aerated Concrete

Aerated concrete sales amounted to
5
21

th

m
3
in
1H

2013
,
unchanged as compared to
1H

2012
. St. Petersburg accounted
for
1
93

th
m
3
,
and

328

th
m
3

were sold in Ukraine.

Notes to Editors:

OJSC LSR Group

is a real estate development and building materials company founded in 1993 and operating in a
number of complementary market segments. Its core business areas are production of building materials, real estate
development
and panel construction. LSR Group's main operations are located in St. Petersburg, Moscow and
Yekaterinburg. As of 31 December 2012 (according to Cushman & Wakefield Russia), the net sellable area of the
projects in LSR Group’s real estate portfolio is equ
al to 8.7m m
2

with the market value of RUB 120bn. In 2012, the
sales revenue of LSR Group amounted to RUB 61,122m (IFRS). LSR Group is a public company, with its GDRs traded
on the London Stock Exchange and its ordinary shares traded on MICEX
-
RTS.


For mo
re information please contact:

LSR Group Press Service


Tel.: +7 812 314 10 44


Fax: +7 812 458 83 72


E
-
mail:
press@lsrgroup.ru


www.lsrgroup.ru