ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces its unaudited operating results for the fourth quarter and twelve months ended 31 December 2022, based on management accounts.
FY 2022 operating highlights
- Deliveries increased by 74% to 735 ths sqm, a record for the Company
- New contract sales amounted to 292.4 ths sqm, or RUB 58.7 billion, excluding sales made by YIT Russia prior to its acquisition by Etalon Group
- Cash collections amounted to RUB 60.4 billion excluding the impact of the acquisition of YIT Russia, or RUB 75.0 billion including funds accumulated from YIT Russia’s development business as of the moment of Etalon Group’s takeover
- The average price per sqm increased by 6% year-on-year to RUB 200.6 thousand
- The average price per sqm of residential property rose by 10% year-on-year to RUB 261.7 thousand
FY 2022 operating results
| 2022 | 2021 | Change, % | |
|---|---|---|---|
| New sales, sqm | 292,396 | 446,480 | (35%) |
| New sales, RUB mln | 58,652 | 84,388 | (30%) |
| Number of contracts | 6,457 | 8,560 | (25%) |
| Cash collections, RUB mln | 60,386 | 84,094 | (28%) |
| Average price, RUB/sqm | 200,591 | 189,008 | 6% |
| Average price (apartments), RUB/sqm | 261,721 | 238,677 | 10% |
| Deliveries, sqm | 734,773 | 421,209 | 74% |
Regional breakdown
| 2022 | 2021 | Change, % | ||
|---|---|---|---|---|
| Moscow and the Moscow region | ||||
| New sales, sqm | 121,371 | 237,412 | (49%) | |
| New sales, RUB mln | 32,296 | 54,053 | (40%) | |
| Number of contracts | 2,645 | 4,654 | (43%) | |
| Cash collections, RUB mln | 31,501 | 52,436 | (40%) | |
| Average price, RUB/sqm | 266,096 | 227,675 | 17% | |
| Average price (apartments), RUB/sqm | 344,131 | 275,549 | 25% | |
| Deliveries, sqm | 343,971 | 176,067 | 95% | |
| St Petersburg | ||||
| New sales, sqm | 120,619 | 209,068 | (42%) | |
| New sales, RUB mln | 20,944 | 30,335 | (31%) | |
| Number of contracts | 2,609 | 3,906 | (33%) | |
| Cash collections, RUB mln | 24,206 | 31,658 | (24%) | |
| Average price, RUB/sqm | 173,634 | 145,099 | 20% | |
| Average price (apartments), RUB/sqm | 250,674 | 192,124 | 30% | |
| Deliveries, sqm | 337,578 | 245,141 | 38% | |
| Other regions | ||||
| New sales, sqm | 50,405 | - | ||
| New sales, RUB mln | 5,412 | - | ||
| Number of contracts | 1,203 | - | ||
| Cash collections, RUB mln | 4,679 | - | ||
| Average price, RUB/sqm | 107,369 | - | ||
| Average price (apartments), RUB/sqm | 119,428 | - | ||
| Deliveries, sqm | 53,223 | - | ||
4Q 2022 operating highlights
- New contract sales exceeded 81.9 ths sqm, or RUB 16.0 billion
- Cash collections amounted to RUB 16.6 billion
- The average price per sqm reached RUB 195.3 thousand
- The average price per sqm of residential property amounted to RUB 229.3 thousand
4Q 2022 operating results
| 4Q 2022 | 4Q 2021 | Change, % | |
|---|---|---|---|
| New sales, sqm | 81,934 | 129,070 | (37%) |
| New sales, RUB mln | 16,004 | 24,851 | (36%) |
| Number of contracts | 1,770 | 2,405 | (26%) |
| Cash collections, RUB mln | 16,579 | 23,897 | (31%) |
| Average price, RUB/sqm | 195,324 | 192,538 | 1% |
| Average price (apartments), RUB/sqm | 229,297 | 261,121 | (12%) |
| Deliveries, sqm | 408,804 | 237,110 | 72% |
Quarterly operating performance
| 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 | |
|---|---|---|---|---|---|
| New sales, sqm | 81,934 | 66,986 | 53,036 | 90,439 | 129,070 |
| New sales, RUB mln | 16,004 | 13,329 | 9,638 | 19,681 | 24,851 |
| Number of contracts | 1,770 | 1,572 | 1,216 | 1,899 | 2,405 |
| Cash collections, RUB mln | 16,579 | 11,170 | 11,402 | 21,235 | 23,897 |
| Average price, RUB/sqm | 195,324 | 198,985 | 181,732 | 217,611 | 192,538 |
| Average price (apartments), RUB/sqm | 229,297 | 250,326 | 294,096 | 290,140 | 261,121 |
| Deliveries, sqm | 408,804 | 91,295 | 58,981 | 175,693 | 237,110 |
Monthly sales dynamics in 4Q 2022
| October 2022 | November 2022 | December 2022 | |
|---|---|---|---|
| New sales, sqm | 21,112 | 25,375 | 35,447 |
| New sales, RUB mln | 4,197 | 4,947 | 6,859 |
| Cash collections, RUB mln | 5,410 | 4,960 | 6,209 |
Regional breakdown
| 4Q 2022 | 4Q 2021 | Change, % | ||||
|---|---|---|---|---|---|---|
| Moscow and the Moscow region | ||||||
| New sales, sqm | 28,493 | 56,849 | (50%) | |||
| New sales, RUB mln | 7,683 | 14,868 | (48%) | |||
| Number of contracts | 618 | 1,146 | (46%) | |||
| Cash collections, RUB mln | 7,687 | 14,118 | (46%) | |||
| Average price, RUB/sqm | 269,655 | 261,542 | 3% | |||
| Average price (apartments), RUB/sqm | 328,379 | 329,779 | - | |||
| Deliveries, sqm | 102,908 | 85,878 | 20% | |||
| St Petersburg | ||||||
| New sales, sqm | 25,534 | 72,220 | (65%) | |||
| New sales, RUB mln | 5,039 | 9,982 | (50%) | |||
| Number of contracts | 533 | 1,259 | (58%) | |||
| Cash collections, RUB mln | 5,921 | 9,779 | (39%) | |||
| Average price, RUB/sqm | 197,335 | 138,221 | 43% | |||
| Average price (apartments), RUB/sqm | 261,911 | 197,093 | 33% | |||
| Deliveries, sqm | 286,952 | 151,232 | 90% | |||
| Other regions | ||||||
| New sales, sqm | 27,907 | - | ||||
| New sales, RUB mln | 3,282 | - | ||||
| Number of contracts | 619 | - | ||||
| Cash collections, RUB mln | 2,970 | - | ||||
| Average price, RUB/sqm | 117,593 | - | ||||
| Average price (apartments), RUB/sqm | 123,573 | - | ||||
| Deliveries, sqm | 18,944 | - | ||||
Mortgage contract developments
| 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 | |
|---|---|---|---|---|---|
| Share of mortgages (total) | 58% | 37% | 25% | 33% | 40% |
| Share of mortgages (apartments) | 79% | 55% | 55% | 61% | 70% |
Commenting on the Company's FY 2022 operating results, Etalon Group CEO Gennadiy Shcherbina said:
“Despite all the challenges we faced in 2022, we were able to demonstrate our fundamental strength while also achieving tangible results.
“Our main growth path in 2022 was the expansion of our geographical footprint. We established operations in five new regions and added about 20 projects to our portfolio. We put over 650 ths sqm of NSA from our updated portfolio on sale – twice as much as the previous year. In addition, we delivered 735 ths sqm last year, setting a new record and bolstering our position among the five largest developers in Russia.
“The acquisition of YIT Russia was a major event for the Company in 2022. In addition to synergies from our combined portfolios and technological developments, the transaction had a positive impact on cash collections, which amounted to RUB 75 billion including balances in YIT Russia’s accounts.
“The active expansion of our portfolio, improved product affordability and launch of new buildings helped us return to a trajectory of month-on-month sales growth by the end of the year. Further work in these areas together with the launch of more than 850 ths sqm of new space will enable us to support sustainable business growth and achieve our strategic goals to 2024.”
Ilya Kosolapov, Etalon Group’s Chief Financial Officer, added:
“Financial discipline in the form of cost controls and a balanced approach to debt management enabled us to demonstrate the strength of our business during a period of economic instability. We were able to keep the ratio of net corporate debt to pre-PPA EBITDA at 0.9x, well below the target level of 2x-3x.
“Our comfortable debt load and additional liquidity stemming from the release of escrow accounts will enable us to meet our strategic goals, including the development of new technologies and the acquisition of new projects, in addition to implementing projects from our current portfolio.”
This and other recent announcements are available on the Etalon Group website:
https://www.etalongroup.com/en/news/.
IR Team
About Etalon Group
Founded in 1987, today Etalon Group is one of the leading nationwide players in Russia’s development and housing construction sector. The Company develops real estate projects for the middle class in Moscow, the Moscow region and St Petersburg. The Company has been actively developing in eight regions across Russia since 2021, with large-scale projects under way in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With 37 years of successful operations and ongoing regional expansion, the Company remains one of the largest players in the Russian real estate market. Since its foundation, Etalon Group has delivered 9.2 mln sqm of real estate.
Thanks to its integrated business model, Etalon Group creates added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs more than 6,000 people.
Etalon Group’s total assets comprise 27 projects under development, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 5.5 million sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2024 was RUB 305 billion.
In 2024, Etalon Group’s new contract sales totalled 699 ths sqm, or RUB 146.2 billion.
The Company’s revenue in 2024 amounted to RUB 131 billion, with EBITDA of RUB 27.6 billion.
Etalon Group shares are traded on the Moscow Exchange (ticker ETLN) and have been included in the Level 2 quotation list since September 2025.