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Good to have you on board. Very very odd share these. Seem to go up with a lot of sells. It reads to me like they will declare a dividend at some point soonish..at which point I'm expecting a good rise. Any views most welcome. I was in at 5.40 so I'm hanging about!
I'm in. It was too cheap to stay out. I expect it will double in 4 to 5 years ( return of 20 % a year). That is ok for me.
Anyone?
Etalon Reports 6M2013 IFRS and 3Q2013 Operating Results Etalon Group Limited ("Etalon Group" or the "Company"), one of Russia's largest and longest-established residential real estate developers, announces its consolidated interim IFRS financial statements for the six months ended 30 June 2013 and its unaudited operating results for the three months ended 30 September 2013 based on management accounts. 6M 2013 Financial Highlights: -- Consolidated revenue for the first half of 2013 increased 37% year-on-year (y-o-y) to RUB 16,635 million from 12,157 million in 6M 2012; -- Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 30% y-o-y to RUB 4,198 million in 6M 2013 from RUB 3,218 million in 6M 2012; -- Profit for the period grew 31% y-o-y to RUB 3,098 million, compared to RUB 2,369 million in 6M 2012; -- Etalon Group's net debt as of 30 June 2013 was a low RUB 1,076 million. 3Q 2013 and 9M 2013 Operating Highlights: -- New contract sales during 3Q 2013 were 93 thousand sqm and RUB 8.2 billion, representing y-o-y increases of 24% and 47%, respectively; -- The number of new contracts increased 26% y-o-y to 1,752 in 3Q 2013; -- Average prices increased 19% y-o-y to RUB 88 thousand per sqm in 3Q 2013, driven by an improved product mix, including the growing share of Tsar's Capital; -- Cash collections for 9M 2013 came to RUB 17.7 billion, up 21% y-o-y from RUB 14.6 billion in 9M 2012; -- Average down payment was 70% (significantly above the average of 50% envisaged by the Company's business model); -- The share of mortgage contracts was 21% for 3Q 2013, up from 13% in 3Q 2012; -- The share of Moscow Metropolitan Area (MMA) contracts in 3Q 2013 new sales reached 24%, compared to 13% in 3Q 2012; -- Etalon Group has launched sales at three new projects so far in 2013, including the Company's flagship Moscow development Etalon City, helping to significantly increase the diversity of the project mix compared to 3Q 2012. 3Q Operating Results Change, Change, 3Q 2013 3Q 2012 % 9M 2013 9M 2012 % --------------------- -------- -------- -------- -------- -------- -------- New sales, sqm 92,755 75,102 24% 246,278 221,983 11% New sales, mn RUR 8,152 5,563 47% 20,821 16,324 28% Number of contracts 1,752 1,390 26% 4,754 3,963 20% Average price, RUR/sqm 87,887 74,073 19% 84,543 73,537 15% --------------------- -------- -------- -------- -------- -------- -------- Mortgage Contract Developments 3Q 2013 2Q 2013 1Q 2013 4Q 2012 3Q 2012 -------------------- -------- -------- -------- -------- -------- Share of mortgages 21% 23% 1
Commenting on the 6M 2013 financial results and 3Q 2013 operating results, Etalon Group President Viacheslav Zarenkov said: "I am very pleased to announce a strong set of financial results for the first half of 2013, as well as continued robust operating performance in the third quarter. We increased transfers to customers in the first half of the year by 45% y-o-y, which drove revenue from residential real estate up 47% to RUB 12,249 million in 6M 2013. "We have maintained tight control over costs, which increased at a slower pace than revenue. General and administrative expenses as a percent of revenue decreased from 9.8% in 6M 2012 to 8.3% for 6M 2013. Selleing expenses also fell from 3.2% of revenue in 6M 2012 to 2.8% in the first half of this year. "On the operations side, we have launched sales on three new projects this year, representing a total NSA of over 850 ths sqm that we expect to drive sales for several years to come. This is in line with our construction programme, and has helped us in 3Q 2013 to increase the number of contracts by 26%, new sales in sqm by 24% and new sales in rouble terms by 47% compared to 3Q 2012. "With sales for Galant, Tsar's Capital and Etalon City all underway, we have significantly diversified our portfolio and improved our product mix, helping us to reach higher average price per sqm of RUB 87,887 in the third quarter of 2013. We have seen strong demand for these new projects, and have ramped up sales quickly - Galant accounted for 5% of sales in 3Q 2013 after being launched at the end of the second quarter. "Looking ahead, the fourth quarter traditionally provides the greatest contribution to annual new contracts sales, and we are already 28% ahead of where we were in 9M 2012 with RUB 20.8 billion of new contract sales so far this year, compared to RUB 16.3 billion for 9M 2012. Cash collections have also seen strong year-on-year growth, up 21% to RUB 17.7 billion for the period. "Our financial position remains very strong with net debt of just RUB 1,076 million. "Finally, I want to underscore our commitment to best practice in corporate governance and information disclosure. We have already taken steps to ensure that our investors have a better understanding of how Etalon Group is performing through more regular visual updates and greater disclosure on operating and financial performance, as you can see in the Company presentation today." Updated accounting policy Etalon Group has adopted new accounting policies for revenue recognition relating to real estate development participation agreements (as defined by the Russian Federation Federal Law #214-FZ). Etalon Group expects real estate development participation agreements to become the most widespread legal form for transactions on Russia's primary residential real estate market in the coming years. The Company has introduced this new accounting policy to keep pace with this important
Etalon Group President Viacheslav Zarenkov said: "In 2011 we achieved exceptional financial performance, with Revenue, EBITDA and Net Income increasing 16%, 23% and 64%, respectively - significantly ahead of expectations. "Our EBITDA margin increased to 36% for 2011, which once again demonstrates our ability to extract value from our land bank. I believe this underscores the unique DNA of the Etalon Group offering - our robust vertically integrated platform, nationwide sales network and strong reputation. "Two key milestones for 2011 were the delivery of our first 98 thousand sqm in the MMA, and the increased share of MMA projects in our total portfolio to 45%. "In 1H 2008, pre-crisis, we contracted 218 thousand sqm in St. Petersburg alone (c. 440 thousand sqm on an annualized basis). In all of 2011 we contracted 270 thousand sqm in both SPMA and MMA, demonstrating 27% y-o-y growth, yet still well below pre-crisis levels in SPMA and with substantial headroom for further recovery and growth in MMA. "2012 is off to a strong start and we believe that the recovery will develop further, supporting our cash collections and new contract sales. We have every reason to look towards 2012 and 2013 with confidence, as we plan to launch sales on a total of 10 of the unique projects that we have been fortunate to acquire in both Moscow and St. Petersburg. "At this stage, we are close to further securing the expansion of our operations for 2016-2019 as we finalise the acquisition of a number of new projects in both Moscow and St. Petersburg. At the same time, our 2012-2014 construction programme remains unchanged and we are fully land bank sufficient through 2016. "Overall, our balanced debt maturity profile, solid track record and USD 490 million of expansion capital will enable us to continue to acquire high quality projects and provide a perfect growth platform for the years to come."
FY 2011 Operating Highlights: · Deliveries increased by 57% y-o-y, including successful expansion into Moscow with 98 thousand sqm of NSA from the first stage of the Emerald Hills project delivered on schedule, contributing to total deliveries for the year of 328 thousand sqm; · FY 2011 new contract sales, while still below pre-crisis levels, increased 27% y-o-y to 270 thousand sqm and 30% y-o-y to RUR 18,306 mln on the back of a continued recovery in consumer activity; · The average price for new contract sales in 4Q 2011 increased to RUR 71,718, up 9% compared to RUR 65,994 in 4Q 2010, and up 5% from RUR 68,030 in 3Q 2011; · Pre-sales launched for 11 new buildings in FY 2011, representing 442 thousand sqm of NSA and expected cash collections equivalent to c. USD 968 million. Update on Key Projects: · Acquired three new projects in 2011, which represent a total of 536 thousand sqm of planned NSA: Dmitrovskoye highway in the Moscow Metropolitan Area (MMA), as well as Letniy and Rechnoy in St. Petersburg; · Strong pipeline of projects currently undergoing due diligence: 5 in the Moscow metropolitan area and 13 in the St. Petersburg metropolitan area;
Etalon Group Reports 64% Increase in IFRS Net Profit for FY 2011 St. Petersburg - Etalon Group Limited (LSE: ETLN), one of Russia's largest and oldest residential real estate developers, today announces its audited IFRS consolidated financial statements for 2011. The Group's strong financial results for the year reflect the continuing post-crisis market recovery that began in 2010; while operating results remain below pre-crisis levels, market conditions in 2011 and early 2012 underscore further strong performance for the Company going forward. FY 2011 Financial Highlights: · Revenue grew on accelerating sales, increasing 16% year-on-year (y-o-y) to USD 774 million from USD 669 million in FY 2010; · Earnings before interest, taxes, depreciation and amortization (EBITDA) reached USD 279 million, up 23% from USD 227 million in FY 2010; EBITDA margin increased to 36% from 34% in FY 2010; · Net profit for the year increased 64% y-o-y to USD 253 million; · Cash and cash equivalents* increased by 281% and stood at USD 490*million at year-end. The increase was primarily due to financing from the IPO, and this trend is expected to reverse as the Company invests into new projects; · Etalon Group had a net cash and cash equivalents position of USD 167* million at 31 December 2011, and gross debt of USD 323 million with maturities spread evenly between 2012 and 2015.
http://www.investegate.co.uk/Article.aspx?id=201203190700125782Z