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 January–April 2023, based on management accounts.
Operating highlights
- New contract sales in terms of floor space increased from 18.6 ths sqm in January to 39.4 ths sqm in April (up 112%)
- In monetary terms, new contract sales increased from RUB 3.2 billion in January to RUB 7.3 billion in April (up 124%)
- New contract sales in 1Q 2023 amounted to 74 ths sqm and RUB 13.4 billion; cash collections amounted to RUB 12 billion; in April, 39.4 ths sqm was sold for RUB 7.3 billion, an increase of 67% compared with April 2022
- Sales in regional markets in 1Q 2023 accounted for 34% of floor space sold and 22% of sales in monetary terms
- As of 30 April 2023, the ratio of net corporate debt to pre-PPA EBITDA was 1.0x, with a target of 2x–3x
Sales dynamics in January–April 2023
| Jan 2023 | Feb 2023 | Mar 2023 | Apr 2023 | |
|---|---|---|---|---|
| New sales, sqm | 18,589 | 21,855 | 33,189 | 39,389 |
| m-o-m change | 18% | 52% | 19% | |
| New sales, RUB mln | 3,249 | 3,701 | 6,486 | 7,262 |
| m-o-m change | 14% | 75% | 12% | |
| Cash collections, RUB mln | 4,133 | 3,275 | 4,593 | 5,216 |
| m-o-m change | (21%) | 40% | 14% |
Quarterly operating performance
| 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | |
|---|---|---|---|---|---|
| New sales, sqm, includimg: | 90,439 | 53,036 | 66,986 | 81,934 | 73,633 |
| Moscow and the Moscow region | 47% | 47% | 38% | 35% | 40% |
| St Petersburg | 53% | 44% | 35% | 31% | 26% |
| Other regions | - | 9% | 27% | 34% | 34% |
| New sales, RUB mln, including: | 19,681 | 9,638 | 13,329 | 16,004 | 13,436 |
| Moscow and the Moscow region | 60% | 59% | 53% | 48% | 53% |
| St Petersburg | 40% | 37% | 34% | 31% | 25% |
| Other regions | - | 4% | 13% | 21% | 22% |
| Number of contracts | 1,899 | 1,216 | 1,572 | 1,770 | 1,555 |
| Cash collections, RUB mln | 21,235 | 11,402 | 11,170 | 16,579 | 12,001 |
| Average price, RUB/sqm | 217,611 | 181,732 | 198,985 | 195,324 | 182,478 |
| Average price (apartments), RUB/sqm | 290,140 | 294,096 | 250,326 | 229,297 | 219,541 |
| Deliveries, sqm | 175,693 | 58,981 | 91,295 | 408,804 | 88,068 |
Operating results for April 2023
| Apr 2022 | Apr 2023 | Change, % | |
|---|---|---|---|
| New sales, sqm | 23,520 | 39,389 | 67% |
| New sales, RUB mln | 4,352 | 7,262 | 67% |
| Number of contracts | 517 | 712 | 38% |
| Cash collections, RUB mln | 6,415 | 5,216 | (19%) |
| Average price, RUB/sqm | 185,049 | 184,349 | 0% |
Mortgage contract developments
| 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | |
|---|---|---|---|---|---|
| Share of mortgages (total) | 33% | 25% | 37% | 58% | 47% |
| Share of mortgages (apartments) | 61% | 55% | 55% | 79% | 70% |
Commenting on the Company’s operating results in the first four months of 2023, Etalon Group CEO Gennadiy Shcherbina said:
“Since the beginning of the year, we have noted a steadily improving sales trend: sales volumes in terms of floor space and in monetary terms have increased from month to month; they doubled in April 2023 compared with January and increased by 67% compared with April 2022. The total sales volume in terms of floor space in the first four months of this year was practically the same as the previous year, even when taking into account the unusually high demand for real estate in February–March 2022.
“The main factors driving sales are the gradual recovery in consumer confidence and the expansion of our offer in both our traditional markets and new regional markets. Last year, we put more than 650 ths sqm on sale, largely in the second half of the year, which drove an increase in new contract sales at the beginning of this year. In 2023, we plan to put about 850 ths sqm on sale – 30% more than the previous year – which will further diversify our offer and enable us to embark on a path to sustainable growth.
“Nearly a quarter of the total value of the contracts concluded in 1Q 2023 came from our projects in Omsk, Ekaterinburg, Kazan and Tyumen. Our regional sales have grown steadily since our expansion into regional markets. More than 40% of the floor space that we plan to put on the market in 2023 is in regional projects. We expect that new launches combined with strong demand will enable us to take a leading position in region markets.”
Ilya Kosolapov, Etalon Group’s Chief Financial Officer, added:
“Despite the active expansion of our sales portfolio, our leverage remains at a comfortable level. The ratio of our net corporate debt as of the end of April 2023 to 2022 pre-PPA EBITDA remains at 1x. Our comfortable financial position and additional liquidity stemming from the release of escrow accounts provide us with opportunities to continue pursuing our strategic regional expansion and technological development programmes while also enlarging our portfolio in our traditional markets through both organic and inorganic growth.”
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 38 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 2025, Etalon Group’s new contract sales totalled 671 ths sqm, or RUB 153.5 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.