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LSR Group Annual Report 20 15 002 LSR Group Annual Report 2015

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LSR Group Annual Report 20 15 002 LSR Group Annual Report 2015 LSR Group Annual report 20 15 002 LSR Group Annual report 2015 CONTENTS RESULTS HIGHLIGHTS 004 STATEMENT OF CHAIRMAN OF THE BOARD 006 OF DIRECTORS AND CHIEF EXECUTIVE OFFICER KEY EVENTS 010 GEOGRAPHICAL DEVELOPMENT 016 CORPORATE STRUCTURE 020 MARKET 022 MACROECONOMIC OVERVIEW ST. PETERSBURG AND THE LENINGRAD REGION MOSCOW AND THE MOSCOW REGION YEKATERINBURG REVIEW OF OPERATING AND FINANCIAL RESULTS 032 REAL ESTATE PORTFOLIO 042 PROJECTS PORTFOLIO 046 CORPORATE GOVERNANCE 058 SHARE CAPITAL 072 DIVIDEND POLICY 074 SOCIAL RESPONSIBILITY 075 EMPLOYEES CHARITY ENVIRONMENTAL PROTECTION GLOSSARY 082 004 LSR Group Annual report 2015 RESULTS HIGHLIGHTS OPERATIONAL HIGHLIGHTS TRANSFERRED TO CUSTOMERS SHARE OF SALES INVOLVING MORTGAGES REACHED ITS STANDARD LEVEL OF 33%. THOUSAND FINANCIAL RESULTS 754 SQUARE METERS THE AVERAGE SQUARE METER PRICE INCREASED BY 6% WITHIN SIGNED CONTRACTS. 754 th m2 were completed compliant with projects REVENUES REAL ESTATE PORTFOLIO implementation terms 984 TH M2 OF NEW REAL ESTATE WERE INTRODUCED RUB ON THE MARKET. 86,8 BN ( ) RUB 6% NEW SALES CONTRACTS Company revenues reduced by 6% BN to RUB 86,830 m. Revenues were 136 THOUSAND mainly impacted by weaker performances LSR Group real estate portfolio amounted to RUB 136 bn on December 31, 2015 (Knight Frank valuation). For reference, 611 SQUARE METERS of construction materials business, and the cement mill sale. Prices growth compensated some volumes reduction in the Real company value (EV) is RUB 82 bn. Despite the unfavorable market situation, we signed new sales Estate Development sphere. contracts for 611 th m2. Sales dropped by 39% comparing to 2014 which saw a hectic demand for real estate. EBITDA RUB (14%) REAL ESTATE COMPANY BN PORTFOLIO VALUE 18,6 KEY FINANCIALS EBITDA reduced by 14% comparing to 2014, and amounted to RUB 18,633 m. EBITDA was mainly influenced 2014 2015 Change, % by company’s cement business sale. Revenue, RUB m 92 347 86 830 (6%) EBITDA, RUB m 21 588 18 633 (14%) PROFIT EBITDA, % 23% 21% - RUB 16% Profit before income tax, RUB m 11 460 13 962 22% 10,6 BN DIVIDEND PAYOUT CHART Profit for the year, RUB m 9 202 10 646 16% Profit for a period grew by 16% comparing to 2014, 15 20 20 40 78 78 RUB Total comprehensive income, RUB m 9 715 10 789 11% and hit a record by amounting to RUB 10,646 m. Spending cuts provided a significant effect on the profit. Earnings per share amounted to RUB 104.6 that corresponds to 16% profitability. 31.12.14 31.12.15 Change, % DIVIDENDS PAID FOR THREE YEARS Equity, RUB m 65 828 67 994 3% Total debt, RUB m 27 367 33 018 21% 78 Net debt, RUB m 2 089 12 584 502% NET DEBT / EBITDA RUB PER ONE ORDINARY SHARE Net debt/ EBITDA 0,1 0,68 - RUB 2010 2011 2012 2013 2014 2015 NET 0,68 EBITDA 12,6 BN DEBT RUB 20 BN 2014 2015 Change, % Company’s net debt increased to RUB 12,584 m. Net debt/EBITDA Earnings per share, RUB 89,78 104,6 17% constituted 0.68 that allows the company to increase the debt load with no limitation, in order to provide business growth. Weighted ON APRIL 5, 2016, LSR GROUP ANNUAL GENERAL MEETING Dividend per share, RUB 78 78 - average interest rate reduced by 0.6%. OF SHAREHOLDERS DECIDED TO PAY OUT DIVIDENDS Share price at year-end, RUB 1 454 676 49% AMOUNTING TO RUB 78 PER ONE ORDINARY SHARE, BASED ON 2015 PERFORMANCE Shares outstanding 103 030 215 103 030 215 - Market capitalization at year-end 2, RUB m 46 776 69 597 49% THUS, THE TOTAL DIVIDENDS AMOUNT TO RUB 8,036,356,770. 2015 figures 2014 figures 1 Based on ordinary share price on MICEX. 2 Based on ordinary share price on MICEX. Results highlights 006 LSR Group Annual report 2015 STATEMENT OF CHAIRMAN OF THE BOARD OF DIRECTORS AND CHIEF EXECUTIVE OFFICER DEAR SHAREHOLDERS, The recent year was quite complicated for the LSR Group. The Bank Company’s profit grew by 16% and hit the record of RUB 10.7 bn of Russia took a decision to increase the key rate from 10.5% to due to company’s spending cuts. Earnings per share amounted to 17% in December 2014, therefore, mortgage lending was almost RUB 104.6 that corresponds to 16% profitability in relation to the deteriorated. We would like to remind that about 35% of all our real current price of Group’s shares. estate sales contracts were signed with mortgages involvement in 2014. Moreover, in the beginning of 2015 we faced lack of real estate supply due to hectic demand in the 4th quarter of 2014. / DIVIDENDS / Drastic drop in demand was observed on the new housing market in the first half of the year. During that period, we had to exercise LSR Group Board of Directors decided to remunerate the a lot of efforts to attract customers, to earn their loyalty by investment community for their trust, and thus, to provide RUB 8 performing our obligations for not just 100%, but for 150%, bn to pay out dividends based on 2015 performance. It is the sixth to implement efficient marketing initiatives, to offer the most year, when LSR Group consistently pays out dividends, and manages attractive and high-demand projects. to keep or increase their volume, and we are very proud of this. For the recent three years, we paid out RUB 20 bn in total as dividends to our shareholders, and it is 30% of company’s current market capitalization. There are just few issuers in Russia who have similar dividend history. WE BELIEVE THAT THE MOST DIFFICULT TIME FOR THE RUSSIAN REAL ESTATE MARKET IS OVER State subsidy programme to support for mortgage interest, which was implemented in the first half of 2015, was extended till 2017. Inflation reduces, and disposable incomes grow. LSR GROUP IS STILL ONE OF THE LEADING RUSSIAN COMPANIES IN TERMS OF RETURNS ON EQUITY THAT Company holds more competitive position in 2016. Facing economic IS ABOUT 13% NOW instability, both customers and banks prefer large companies with good financial state and reputation. Certainly, we intend to use our advantages to increase sales and shares on main markets. / DEBT / DMITRY GONCHAROV ANDREY MOLCHANOV On December 31, 2015, company’s net debt amounted to RUB CHAIRMAN OF THE BOARD OF DIRECTORS CHIEF EXECUTIVE OFFICER AND CHAIRMAN / FINANCIAL PERFORMANCE / 12,584 m. Net debt/EBITDA indicator was low and constituted OF THE EXECUTIVE COMMITTEE LSR Group financial performance in 2015 involves, on the one hand, 0.68 that allows the company to make new loans on order to grow results of housing sales in the previous years when the market was construction volumes. favorable, and on the other hand, results of construction materials sales during 2015, when the construction market faced recession. Thus, according to 2015 results, company’s revenues reduced by 6%, and EBITDA reduced by 14% that was mainly caused by weaker performances of construction materials business, and LSR Group cement mill sale. 008 LSR Group Annual report 2015 / REAL ESTATE DEVELOPMENT / We are proud that the company and its developer projects have been prize-winners at leading professional and industry WHAT IS LSR GROUP IN THE END OF 2015? In 2015, company’s actual total revenues in “Real Estate competitions during the year. In particular, based on the VIII Development and Construction” remained RUB 68,340 m, the level Consumer Trust contest results, the Smolny Quarter housing estate of 2014. EBITDA grew by 15% in this segment, and amounted to was announced the best implemented project in the business class RUB 17,815 m. EBITDA margin was 26%. EBITDA and EBIDTA margin WE HAVE BEEN SUCCESSFUL ON THE REAL ESTATE AND CONSTRUCTION and elite segments in St. Petersburg. ZILART and VIVA, two projects growth was provided by shift to more expensive real estate within MARKETS FOR MORE THAN 20 YEARS. WE GAINED THE PERFECT REPUTATION of LSR Group, were awarded in different nominations of the Urban the portfolio structure for projects under sale. In particular, the OF RELIABLE PARTNER FOR BOTH INDIVIDUAL REAL ESTATE CUSTOMERS Awards 2015 competition. ZILART housing estate was also awarded square meter price in the elite segment grew by 21% in 2015. AND OTHER COMPANIES. at the TREFI competition for being the best project in the business class segment Moscow. LSR Group was also nominated in Real We have been developing the portfolio of the most attractive and Estate and Construction as the Company of the Year; according in-demand projects in all regions of business during the year. In to KAISSA 2015 results, it became the best developer on the St. Our business is large-scale one, with vertical integration of businesses within the Group, diversification by business total, we completed almost 1 m square meters of real estate during Petersburg elite real estate market. The company won 6 prizes in areas and market segments. the year. The beginning of sales within our ZILART project was a different nominations of the Leader of Construction Quality contest, remarkable event on the Moscow market. We would like to remind and got the golden badge as the Reliable Developer of Russia 2015 We do not terminate or delay any of our projects; on the contrary, we fulfill our obligations ahead of schedule. that this project involved construction of 1.5 m m2 of housing at the within the St. Petersburg All-Russian Housing Congress. This is provided by perfect business processes based on vast experience, as well as company’s sustainable former 60 ha site of ZiL plant located in just 5 km from the Kremlin.
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