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 nine months and three months ended 30 September 2019, based on management accounts.
9M 2019 operating highlights
- New contract sales increased by 26% year-on-year to RUB 55,833 million and by 10% year-on-year to 458,869 sqm
- The number of contracts grew by 13% year-on-year and amounted to 9,109
- 9M 2019 cash collections rose by 39% year-on-year to RUB 58,923 million
9M 2019 operating results
| 9M 2019 | 9M 2018 | Change, % | |
|---|---|---|---|
| New sales, sqm | 458,869 | 416,640 | 10% |
| New sales, mln RUB | 55,833 | 44,286 | 26% |
| Number of contracts | 9,109 | 8,067 | 13% |
| Cash collections, mln RUB | 58,923 | 42,482 | 39% |
| Deliveries, sqm | 313,573 | 56,270 | 457% |
Regional breakdown
| 9M 2019 | 9M 2018 | Change, % | ||||
|---|---|---|---|---|---|---|
| Moscow metropolitan area | ||||||
| New sales, sqm | 232,475 | 196,640 | 18% | |||
| New sales, mln RUB | 32,529 | 21,466 | 52% | |||
| Number of contracts | 4,452 | 3,818 | 17% | |||
| Cash collections, mln RUB | 35,768 | 20,196 | 77% | |||
| Deliveries, sqm | 250,648 | 0 | - | |||
| St Petersburg | ||||||
| New sales, sqm | 226,394 | 220,000 | 3% | |||
| New sales, mln RUB | 23,303 | 22,820 | 2% | |||
| Number of contracts | 4,657 | 4,249 | 10% | |||
| Cash collections, mln RUB | 23,154 | 22,286 | 4% | |||
| Deliveries, sqm | 62,926 | 56,270 | 12% | |||
3Q 2019 operating highlights
- New contract sales amounted to RUB 17,098 million and 136,658 sqm
- Cash collections rose by 7% year-on-year to RUB 16,114 million
- Average price per sqm was RUB 125,118, up by 15% year-on-year
- Average price per sqm of apartments grew by 22% year-on-year to RUB 153,394
3Q 2019 operating results
| 3Q 2019 | 3Q 2018 | Change, % | |
|---|---|---|---|
| New sales, sqm | 136,658 | 154,097 | (11%) |
| New sales, mln RUB | 17,098 | 16,799 | 2% |
| Number of contracts | 2,579 | 2,962 | (13%) |
| Cash collections, mln RUB | 16,114 | 15,011 | 7% |
| Average price, RUB/sqm | 125,118 | 109,015 | 15% |
| Average price (apartments), RUB/sqm | 153,394 | 125,889 | 22% |
| Deliveries, sqm | 67,230 | 56,270 | 19% |
Regional breakdown
| 3Q 2019 | 3Q 2018 | Change, % | ||
|---|---|---|---|---|
| Moscow metropolitan area | ||||
| New sales, sqm | 71,075 | 77,106 | (8%) | |
| New sales, mln RUB | 10,051 | 8,453 | 19% | |
| Number of contracts | 1,235 | 1,430 | (14%) | |
| Cash collections, mln RUB | 9,738 | 7,312 | 33% | |
| Average price, RUB/sqm | 141,407 | 109,630 | 29% | |
| Average price (apartments), RUB/sqm | 174,306 | 129,233 | 35% | |
| Deliveries, sqm | 4,304 | 0 | - | |
| St Petersburg | ||||
| New sales, sqm | 65,583 | 76,991 | (15%) | |
| New sales, mln RUB | 7,048 | 8,346 | (16%) | |
| Number of contracts | 1,344 | 1,532 | (12%) | |
| Cash collections, mln RUB | 6,376 | 7,699 | (17%) | |
| Average price, RUB/sqm | 107,465 | 108,400 | (1%) | |
| Average price (apartments), RUB/sqm | 131,208 | 122,901 | 7% | |
| Deliveries, sqm | 62,926 | 56,270 | 12% | |
Etalon Group stand-alone 3Q 2019 operating results
| 3Q 2019 | 3Q 2018 | Change, % | |
|---|---|---|---|
| New sales, sqm | 110,354 | 154,097 | (28%) |
| New sales, mln RUB | 12,786 | 16,799 | (24%) |
| Number of contracts | 2,252 | 2,962 | (24%) |
| Cash collections, mln RUB | 12,314 | 15,011 | (18%) |
| Average price, RUB/sqm | 115,864 | 109,015 | 6% |
| Average price (apartments), RUB/sqm | 138,406 | 125,889 | 10% |
| Deliveries, sqm | 62,926 | 56,270 | 12% |
Leader-Invest stand-alone 3Q 2019 operating results
| 3Q 2019 | 3Q 2018 | Change, % | |
|---|---|---|---|
| New sales, sqm | 26,303 | 16,786 | 57% |
| New sales, mln RUB | 4,312 | 3,061 | 41% |
| Number of contracts | 327 | 295 | 11% |
| Cash collections, mln RUB | 3,800 | 2,591 | 47% |
| Average price, RUB/sqm | 163,942 | 182,381 | (10%) |
| Average price (apartments), RUB/sqm | 229,522 | 199,130 | 15% |
| Deliveries, sqm | 4,304 | 9,961 | (57%) |
Mortgage contract developments
| 3Q 2019 | 2Q 2019 | 1Q 2019 | 4Q 2018 | 3Q 2018 | |
|---|---|---|---|---|---|
| Share of mortgages | 36% | 36% | 37% | 41% | 41% |
Commenting on the 9M and 3Q 2019 operating results, Etalon Group Chief Executive Officer Gennadiy Shcherbina said:
“In 9M 2019, Etalon Group once again achieved record results across all operating metrics. New contract sales, including the contribution from Leader-Invest, increased by 13% year-on-year, with more than nine thousand new contracts signed. New sales in volume and monetary terms increased by 10% and 26% year-on-year, respectively, to 459 ths sqm and RUB 56 billion. This result reflects 66% of our annual sales plan in square metres and 70% of the plan in monetary terms. At the same time, cash collections reached a record RUB 59 billion, up by 39% year-on-year, which corresponds to 79% of our annual plan and lays a strong foundation for achieving our goals for 2019.”
Etalon Group Head of Moscow Operations Maxim Berlovich added:
“Real estate sales in the Moscow metropolitan area made a significant contribution to Etalon Group’s results. Through the acquisition of Leader-Invest’s premium projects, sales in monetary terms in Moscow increased by 52% year-on-year to RUB 32.5 billion, and cash collections reached nearly RUB 36 billion, increasing by 77% year-on-year, which confirms our view that this region will be the most promising for development in the years ahead. We anticipate that the transition to a single Etalon Group brand in October 2019 will help to further strengthen the Company's position in Moscow and will provide strong support for operating performance.”
Conference call and webcast
The Company will host a conference call for investors and analysts today at 15:00 London time (17:00 Moscow; 10:00 New York).
On the call, the Etalon Group management team will present the Company’s 9M 2019 operating and 1H 2019 financial results, followed by a question and answer session for participants.
Webcast
https://edge.media-server.com/mmc/p/bghmztuv
Dial-in numbers:
+44 2071 928000 – Standard International
+44 844 571 8892 – London
+7 495 249 9849 – Moscow
+1 631 510 7495 – New York
Conference ID Code: 7663978
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.