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ANNUAL REPORT 2018 Records in the Russian Real Estate Industry

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ANNUAL REPORT 2018 Records in the Russian Real Estate Industry Etalon Group is one of Russia’s largest and oldest residential real estate developers, with a market-leading position in St Petersburg and a growing presence in the Moscow metropolitan area. With over 30 years of experience BUILDING in real estate development and construction, it has one of the longest track ANNUAL REPORT 2018 records in the Russian real estate industry. 2018 THE FUTURE ANNUAL REPORT TOGETHER Etalon Group Annual Report 2018 1. Introduction CONTENTS 1. INTRODUCTION 5. OPERATING PERFORMANCE . 80 2018 highlights and 2019 outlook . 4 6. FINANCIAL PERFORMANCE . 88 Our business . 6 What sets us apart . 11 7. SUSTAINABILITY Chairman’s statement . 12 Stakeholder engagement . 94 2. BUSINESS ENVIRONMENT Occupational health and safety . 96 Environment . 100 AND TRENDS . 16 Employees . 104 3. STRATEGY Social responsibility . 110 Business conduct . 114 AND OBJECTIVES Risk management . 116 Strategic acquisition of Leader-Invest . 26 Advanced product . 32 8. CORPORATE GOVERNANCE . 124 Strengthening our sales force . 42 . 134 Strategy . 46 9. SHAREHOLDER INTERACTIONS 4. PROJECT PORTFOLIO 10. FINANCIAL STATEMENTS Consolidated financial statements . 142 Project portfolio overview . 52 Parent Company financial statements . 208 Galactica . Residential quarter . 58 Business-class projects . 60 Comfort-class projects . 70 Leader-Invest projects . 75 2 3 Etalon Group Annual Report 2018 1. Introduction 2018 HIGHLIGHTS 68.7 62.8 AND 2019 OUTLOOK RUB BLN RUB BLN NEW CONTRACT SALES INCREASED BY 37% CASH COLLECTIONS REACHED AN YEAR-ON-YEAR TO A RECORD HIGH RUB 68.7 ALL-TIME HIGH OF RUB 62.8 BLN BLN IN 2018 IN FY 2018 OPERATING HIGHLIGHTS Delivered all-time high sales and cash collections in FY Share of business-class projects in total sales, 2018 of RUB 68 .7 bln and RUB 62 .8 bln, respectively in monetary terms, increased from 4% in FY 2017 OPERATING AND FINANCIAL HIGHLIGHTS to 12% in FY 2018 Operating and financial figures The number of mortgage contracts increased by 50% Average price per sqm rose by 12% year-on-year to an in FY 2018 to 5,027 contracts all-time high of RUB 109 .4 ths per sqm in 2017 2018 Change FY 2018 NEW CONTRACT SALES (RUB mln) 50,240 68,731 37% NEW CONTRACT SALES (ths sqm) 512 628 23% CORPORATE HIGHLIGHTS AVERAGE PRICE (RUB ths/sqm) 98 .1 109 .4 12% CASH COLLECTIONS (RUB mln) 46,147 62,785 36% We acquired a 51% stake in a Moscow developer, Gennadiy Shcherbina, who has worked at Etalon Group Leader-Invest, increasing our presence in the Moscow since 2003 and was Head of St Petersburg Operations market1 since 2007, was appointed as the CEO NUMBER OF NEW CONTRACTS 9,916 12,312 24% of the Company REVENUE (RUB mln) 70,645 72,327 2% Sistema became Etalon Group's largest shareholder Standard & Poor’s confirmed Etalon Group subsidiary by acquiring 25% of the capital from the founding LenSpetsSMU’s long-term credit rating of B+ with a OPERATING CASH FLOW (RUB mln) 2,681 17,403 + RUB 14,722 mln shareholder1 stable outlook FREE CASH FLOW (RUB mln) 243 14,672 +RUB 14,429 mln HSE HIGHLIGHTS 2019 OUTLOOK Received a gold Green Zoom2 certificate in recognition Etalon Group’s integrated environmental management New contract sales, New contract sales, Cash collections, of the cutting-edge environmental features of the system was certified as adhering to ISO 9001:2015 and ths sqm RUB mln RUB mln Botanica project in St Petersburg and a platinum Green ISO 14001:2015 standards Zoom certificate for the Silver Fountain project in Moscow + 19% 628 + 11% 68,731 + 16% 62,785 Zero fatalities at Etalon Group operations for the third Implemented an environmental risk management year in a row system for the construction process 700 80,000 75,000 2018 2019 guidance 1 As of 19 February 2019 . 4 2 Green Zoom is a Russian national certification system that was developed on the basis of the LEED and BREEAM systems. 5 Etalon Group Annual Report 2018 1. Introduction OUR BUSINESS With a 30-year history and strong footholds in the Moscow and St Petersburg markets, Etalon Group is one of the largest and longest-established residential real estate development and construction companies in Russia. Today we employ around 5,000 people across our operations. Since its inception in 1987, the Company has commissioned 6.3 million square metres, building homes for more than 250,000 people. We offer our customers high-quality housing at fair prices, evolving demand as global trends influence the Russian adapting our product to bring the latest housing features market. We are also improving planning solutions, offering to our projects, and investing in modern technologies like fit-out apartments, carefully thought-out public spaces at BIM systems . At Etalon Group we are also establishing new larger developments, and introducing updated and flexible environmental standards for our projects in order to deliver floor plans that reflect modern market standards. the highest levels of quality to our customers and adapt to HOW WE OPERATE OUR BUSINESS ETALON GROUP Etalon LenSpetsSMU Etalon Invest Etalon Stroy St Petersburg development Moscow development Construction and maintenance We maintain three main operating units that control the The head office, Etalon Group, is responsible for overall three key areas of our business: Etalon LenSpetsSMU and management and strategic oversight, setting standards Etalon Invest are responsible for residential development and monitoring execution, as well as implementing Com- work in St Petersburg and Moscow, respectively, while pany-wide policies such as KPIs, new sales and marketing Etalon Stroy handles our construction and maintenance op- practices . erations, including external industrial construction projects. 6 7 Etalon Group Annual Report 2018 1. Introduction HOW WE CREATE VALUE Our Value for customers Value competencies and society for shareholders Our vertically integrated operations enable us to create between three and four-and-a-half years, which can be value for our customers and for shareholders at every divided into three key stages: development, construction stage of the development cycle, from land plot analysis and and ongoing services. At every stage, we seek to maximise We only choose projects that pro- All aspects related to the location of Being a market leader allows us to acquisition all the way through ongoing maintenance of the return on investment, as well as to create value for our vide a strong foundation for the our future projects, such as infra- choose projects at advanced stages, quality products we build for our structure, transport accessibility with an IRR higher than 15%. completed projects. The life cycle of a project is normally customers to support loyalty to the Etalon brand. customers, and that will ensure a and leisure opportunities are Thus, we create conditions for a high return on invested capital. taken into account. high return on capital from the start of a project’s life cycle. We have unique expertise in project We create environmentally Thanks to our reputation, we can design thanks to our in-house friendly and energy-efficient obtain permission for land plots design institute, science and projects using BIM, while also and start construction quickly, technology centre, and cooperation developing the surrounding area. while our advanced design systems Effective profit Land plot analysis with leading architects. help reduce costs. reinvestment and acquisition We have a unique regional sales We maintain two-way communica- We can maintain and increase our network covering 58 cities, invest tion with our customers: providing market share despite fluctuations in IT solutions, and constantly complete information and acting on in the macro environment and MENT VEST improve our sales-force practice. their feedback. ongoing legislative changes. EIN OFIT R F PR O 12 -18 M Our capabilities span from complex, Our extensive project management We maintain stable returns on ON TH large-scale developments of experience helps to ensure the investment and accurately forecast S D entire residential districts to quality, safety, and timely the resources that will be required Ongoing E Design and G S V industrial construction projects. delivery of projects that we for a given development. E maintenance N E permitting I L C undertake. O O I G V P R M N E O E S VALUE Our own production facilities We provide customers with high- Vertical integration into key materials N T allow us to control quality, ensure production quality housing at competitive allows us to reduce uninterrupted supply and reduce prices and without potential delays costs, while on-time delivery helps CREATION costs by holding external tenders. caused by a shortage of materials. us maintain our reputation and thus create new demand. S Fitting-out H Marketing and T Having delivered 6.3 million sqm, We guarantee the quality of We aim to reduce costs and incre- ON and furnishing 5 M ongoing sales we have unique experience in the each project, monitoring project ase return on invested capital. 22-3 construction of both residential safety using BIM technologies and We also have great flexibility in CO N and industrial projects. guaranteeing fulfilment of the controlling construction volumes STR UCTION construction terms. based on the economic conditions. We have experience in offering We keep up with the latest trends By offering clients fit-out and both various standard fit-outs in apartment fit-outs and help our furnished apartments, we are able and individual fit-out designer customers to acquire housing to reach a wider potential audience General contracting Project options. that is ready to live in, which is of buyers, thus increasing demand and subcontracting management especially valuable for our regional and providing stable returns on buyers. our operations. Building materials We manage a portfolio of real estate Our detailed knowledge of each Efficient ongoing service provides us production with an area of 4.6 million sqm and project means that we provide with additional revenue and helps 18.4 ths parking spaces.
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