(C) Interfax 15:02 02.05.2012
ISSUER-DISCLOSURE-LSR-MISCELLANEOUS
OJSC LSR Group: LSR Group Reports 1Q 2012 Operating Results
RNS Number : 5748C
OJSC LSR Group
02 May 2012
2 May 2012 PRESS RELEASE St. Petersburg
LSR Group Reports First Quarter 2012 Operating Results
LSR Group (LSE: LSRG; MICEX-RTS: LSRG), one of the leading real estate
developers and building materials producers in Russia, is publishing the trading
update for the first quarter of 2012.
Full version of the press release is available in pdf-format.
http://www.rns-pdf.londonstockexchange.com/rns/... REAL ESTATE DEVELOPMENT
Elite real estate in St. Petersburg 1Q 2011 1Q 2012 Change, %
Completed
th m2 0 0 -
New contract sales
th m2 8 25 199%
Transferred to customers
th m2 7 1 (80%)
Business class and mass market residential real estate in St. Petersburg 1Q 2011 1Q 2012 Change, %
Completed
th m2 5 0 -
New contract sales
th m2 29 47 63%
Transferred to customers
th m2 30 37 24%
<TABLE><TR><TD>Real estate in Yekaterinburg</TD><TD>1Q 2011</TD><TD>1Q 2012</TD><TD>Change, %</TD></TR><TR><TD>Completed th m2</TD><TD>0</TD><TD>0</TD><TD>-</TD></TR><TR><TD>
New contract sales th m2</TD><TD>10</TD><TD>18</TD><TD>76%</TD></TR><TR>
<TD>Transferred to customers th m2</TD><TD>12</TD><TD>5</TD><TD>(57%)</TD></TR></T
ABLE><TABLE><TR><TD>Real estate in Moscow</TD><TD>1Q 2011</TD><TD>1Q 2012</TD><TD>Change, %</TD></TR><TR><TD>Completed th m2</TD><TD>2</TD><TD>0</TD><TD>-</TD></TR><TR><TD>
New contract sales th m2</TD><TD>3</TD><TD>20</TD><TD>531%</TD></TR><TR>
<TD>Transferred to customers th m2</TD><TD>0.4</TD><TD>0.04</TD><TD>(90%)</TD></TR
></TABLE>In 1Q 2012, in all regions of our operations we signed new contracts for the sale of 111 th m2 (+117%). The total value of the contracts amounted to RUB 10bn, up 143% against 1Q 2011.
Elite Residential and Commercial Property in St. Petersburg
In 1Q 2012, in the elite real estate segment in St. Petersburg, we entered
into new contracts with customers for the sale of 25 th m2 of net sellable area,
up 199% on 1Q 2011. The total value of the contracts for the sale of elite real
estate was RUB 4.4bn, up 221% on 1Q 2011.
In the course of the first quarter we transferred to our customers 1 th m2
of net sellable area. There were no housing completions in 1Q 2012 due to the
projects schedule.
Business class and mass market residential real estate in St. Petersburg
In 1Q 2012 we entered into new contracts with customers for the sale of 47
th m2, up 63% on our sales in 1Q 2011. The total value of the contracts was RUB
3.7bn, up 73% on 1Q 2011.
We transferred 37 th m2 to our customers in St. Petersburg. There were no
housing completions in 1Q 2012 due to the projects schedule.
Real Estate in Yekaterinburg
In 1Q 2012, in Yekaterinburg, we entered into new contracts with customers
for the sale of 18 th m2 of net sellable area (+76%).
In 1Q 2012 we transferred to our customers 5 th m2. The total value of the
signed contracts grew by 108% against 1Q 2011, up to RUB 1.1bn. There were no
housing completions in 1Q 2012 due to the projects schedule.
Real Estate in Moscow
In 1Q 2012, in Moscow, we entered into new contracts with customers for the
sale of 20 th m2 of net sellable area (+531%). The total value of the contracts
grew by 375% against 1Q 2011, up to RUB 1.1bn.
CONSTRUCTION
Construction 1Q 2011 1Q 2012 Change, %
St. Petersburg
transferred to customers, th m2 43 75 76%
Yekaterinburg
transferred to customers, th m2* 15 32 110%
Moscow
transferred to customers, th m2 8 8 2%
Total
transferred to customers, th m2 66 115 75%
*Sales figures in Yekaterinburg include both transfer of completed panel housing to the customers and sales of reinforced concrete for panel construction
In 1Q 2012, our business units in St. Petersburg, Moscow and Yekaterinburg
transferred to customers 115 th m2 of panel housing (including sales of
reinforced concrete panels in Yekaterinburg), up 75% against the same period in
2011.
In March 2012 we signed a contract to build a residential complex in the
North-west district of Moscow. Under the contract, the new complex (Mitinskaya
str.) will comprise of three multi-storey residential buildings with a total
area of 87 th m2.
BUILDING MATERIALS AND AGGREGATES
Product 1Q 2011 1Q 2012 Change, %
Reinforced concrete, th m3 75 109 46%
Ready-mix concrete, th m3 216 272 26%
Bricks, millions of units 29 30 5%
Cement, th tonnes 0 128 -
Aerated concrete, th m3 124 190 54%
Sand, th m3 1,693 2,324 37%
Crushed granite, th m3 660 1,347 104%
Building Materials
Reinforced Concrete
In 1Q 2012, we sold 109 th m3 of reinforced concrete products (excluding
sales in Yekaterinburg), up 46% against the same period in 2011. It included 78
th m3 in St. Petersburg, and 31 th m3 in Moscow/Moscow region.
Our sales in St. Petersburg increased by 35%. We mainly supplied our
reinforced concrete to residential and infrastructure projects, including
Western High-Speed Diameter, new terminal of Pulkovo Airport and the second
stage of Leningrad nuclear power plant.
In Moscow our sales grew by 84% year-on-year primarily due to the launch of
a new product line in the middle of 2011. We mainly supplied reinforced concrete
to residential projects, including our projects Sacramento, Novoe Nakhabino and
New Domodedovo.
Ready-Mix Concrete
Ready-mix concrete sales were 272 th m3 (excluding sales in Yekaterinburg),
up 26% on 1Q 2011. It included 193 th m3sold in St. Petersburg and 79 th m3 - in
Moscow/Moscow region.
Our sales in St. Petersburg increased by 16% year-on-year. We primarily
supplied our ready-mix concrete to residential projects and for the construction
of our new brick plant in the Kirovsky district of the Leningrad region.
In Moscow and the Moscow region we increased our sales by 60%. We mainly
supplied our ready-mix concrete to residential and commercial projects.
Bricks
Our bricks sales amounted to 30m units, up 5% against 1Q 2011. In
particular, in St. Petersburg we sold 28m units, in Moscow - almost 3m units.
Cement
In 1Q 2012 we sold 128 th tonnes of cement. Major part of this volume was
consumed internally.
Aerated Concrete
Aerated concrete sales amounted to 190 th m3 in 1Q 2012. In particular, we
sold 87 th m3 in St. Petersburg and 104 th m3 - in Ukraine.
Our sales in St. Petersburg grew by 90% year-on-year driven by the
increased demand from retail customers, favourable weather conditions and
expansion of our sales geography.
In Ukraine, we increased our sales by 33% year-on-year due to the increased
volume of construction activities prior to Euro-2012. Our aerated concrete was
mainly supplied for the construction of commercial and residential projects in
Kiev region.
Aggregates
Sand
Sand sales in 1Q 2012 were 2.3m m3, up 37% on 1Q 2011. We mainly supplied
our sand to infrastructure projects, including railway construction near
Ust-Luga, Leningrad region.
Crushed Granite
In 1Q 2012, crushed granite sales totaled 1.3m m3, up 104% against 1Q 2011.
We mainly supplied our crushed granite to large infrastructure projects,
including construction of Western High-Speed Diameter and railway construction
near Ust-Luga, Leningrad region.
Note 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 2011 (according to Cushman& Wakefield Russia), the
net sellable area of the projects in LSR Group's real estate portfolio is equal
to 8.4m m2 with the market value of RUB 124bn.
In 2011, the sales revenue of LSR Group were RUB 51,910m (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 more details please contact:LSR Group Press ServiceTel.: +7 812 314 10
44Fax: +7 812 458 83 72E-mail: press@lsrgroup.ruwww.lsrgroup.ru
This information is provided by RNS
The company news service from the London Stock Exchange
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