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 2021, based on management accounts.
FY 2021 operating highlights
- New contract sales in monetary terms increased by 6% year-on-year reaching an all-time high of RUB 84.4 billion
- Cash collections rose by 3% year-on-year to RUB 84.1 billion
- The average price per sqm was RUB 189 ths, up by 27% year-on-year
- The average price per sqm of apartments grew by 34% year-on-year to RUB 238.7 ths
FY 2021 operating results
| 2021 | 2020 | Change, % | |
|---|---|---|---|
| New sales, sqm | 446,480 | 538,194 | (17%) |
| New sales, RUB mln | 84,388 | 79,922 | 6% |
| Number of contracts | 8,560 | 9,725 | (12%) |
| Cash collections, RUB mln | 84,094 | 81,985 | 3% |
| Average price, RUB/sqm | 189,008 | 148,501 | 27% |
| Average price (apartments), RUB/sqm | 238,677 | 178,685 | 34% |
Regional breakdown
| 2021 | 2020 | Change, % | ||
|---|---|---|---|---|
| Moscow metropolitan area | ||||
| New sales, sqm | 237,412 | 272,421 | (13%) | |
| New sales, RUB mln | 54,053 | 46,743 | 16% | |
| Number of contracts | 4,654 | 4,938 | (6%) | |
| Cash collections, RUB mln | 52,436 | 48,673 | 8% | |
| Average price, RUB/sqm | 227,675 | 171,585 | 33% | |
| Average price (apartments), RUB/sqm | 275,549 | 213,274 | 29% | |
| St Petersburg | ||||
| New sales, sqm | 209,068 | 265,773 | (21%) | |
| New sales, RUB mln | 30,335 | 33,179 | (9%) | |
| Number of contracts | 3,906 | 4,787 | (18%) | |
| Cash collections, RUB mln | 31,658 | 33,312 | (5%) | |
| Average price, RUB/sqm | 145,099 | 124,839 | 16% | |
| Average price (apartments), RUB/sqm | 192,124 | 145,989 | 32% | |
4Q 2021 operating highlights
- New contract sales amounted to 129.1 ths sqm and RUB 24.9 billion
- Cash collections were at RUB 23.9 billion
- The average price per sqm rose by 22% year-on-year to RUB 192.5 ths
- The average price per sqm of apartments grew by 36% year-on-year to RUB 261.1 ths
- The average down payment amounted to 87%
4Q 2021 operating results
| 4Q 2021 | 4Q 2020 | Change, % | |
|---|---|---|---|
| New sales, sqm | 129,070 | 166,788 | (23%) |
| New sales, RUB mln | 24,851 | 26,418 | (6%) |
| Number of contracts | 2,405 | 3,137 | (23%) |
| Cash collections, RUB mln | 23,897 | 29,203 | (18%) |
| Average price, RUB/sqm | 192,538 | 158,392 | 22% |
| Average price (apartments), RUB/sqm | 261,121 | 191,853 | 36% |
Quarterly operating performance
| 4Q 2021 | 3Q 2021 | 2Q 2021 | 1Q 2021 | 4Q 2020 | |
|---|---|---|---|---|---|
| New sales, sqm | 129,070 | 96,470 | 122,270 | 98,670 | 166,788 |
| New sales, RUB mln | 24,851 | 18,390 | 24,933 | 16,214 | 26,418 |
| Number of contracts | 2,405 | 1,869 | 2,297 | 1,989 | 3,137 |
| Cash collections, RUB mln | 23,897 | 19,308 | 22,853 | 18,036 | 29,203 |
| Average price, RUB/sqm | 192,538 | 190,633 | 203,915 | 164,329 | 158,392 |
| Average price (apartments), RUB/sqm | 261,121 | 244,928 | 236,342 | 208,095 | 191,853 |
Regional breakdown
| 4Q 2021 | 4Q 2020 | Change, % | ||
|---|---|---|---|---|
| Moscow metropolitan area | ||||
| New sales, sqm | 56,849 | 86,470 | (34%) | |
| New sales, RUB mln | 14,868 | 15,315 | (3%) | |
| Number of contracts | 1,146 | 1,715 | (33%) | |
| Cash collections, mln RUB | 14,118 | 18,436 | (23%) | |
| Average price, RUB/sqm | 261,542 | 177,110 | 48% | |
| Average price (apartments), RUB/sqm | 329,779 | 221,118 | 49% | |
| St Petersburg | ||||
| New sales, sqm | 72,220 | 80,318 | (10%) | |
| New sales, RUB mln | 9,982 | 11,103 | (10%) | |
| Number of contracts | 1,259 | 1,422 | (11%) | |
| Cash collections, RUB mln | 9,779 | 10,767 | (9%) | |
| Average price, RUB/sqm | 138,221 | 138,241 | 0% | |
| Average price (apartments), RUB/sqm | 197,093 | 162,723 | 21% | |
Mortgage contract developments
| 4Q 2021 | 3Q 2021 | 2Q 2021 | 1Q 2021 | 4Q 2020 | ||
|---|---|---|---|---|---|---|
| Share of mortgages (total) | 40% | 39% | 47% | 37% | 44% | |
| Share of mortgages (apartments) | 70% | 66% | 67% | 63% | 65% | |
Commenting on the FY 2021 operating results, Etalon Group CEO Gennadiy Shcherbina said:
“Despite a temporary decline in real estate available for sale, Etalon Group set a new record for sales in monetary terms in 2021 and came very close to achieving key operational targets. Most our FY 2021 sales – almost 30% of the record RUB 84.4 billion – took place in the fourth quarter. The average price for residential properties in Etalon's portfolio increased by 36% to RUB 261 ths per sqm by the end of the year, driven by the launch of attractive new projects in the higher price segment, as well as strong demand for our current projects in Moscow and St Petersburg. Strong pricing dynamics, coupled with ongoing cost-cutting efforts, will contribute to further margin growth: at the end of 1H 2021, our pre-PPA gross profit margin reached 38% and was the strongest in the industry.
“In an effort to significantly expand the business and secure sustainable double-digit growth rates in all regions where we operate, the Company launched a large-scale land bank replenishment programme in 2021. In the last 12 months alone, we increased our portfolio by almost two million sqm and doubled the geography of our operations by expanding into regional markets. In 2022, we intend to launch sales for three times as much space as the year before. The properties Etalon will bring to market will include space in new projects recently added to the portfolio and new buildings in existing projects. In addition, we will continue to actively increase the volume of acquisitions, expand our regional presence and plan to act as an industry consolidator, including through mergers and acquisitions.
“The significant progress we have made over the past year proves that Etalon Group is well on its way to achieving its strategic goals for 2024. I am confident that with our professional team and the successful implementation of the strategy, the Company will achieve a new level of growth this year, offering current and potential shareholders an attractive return on their investment.”
Ilya Kosolapov, Etalon Group’s Chief Financial Officer, added:
"Record sales, systematic efficiency improvements and a balanced approach to debt management have enabled Etalon Group to significantly strengthen its financial position. We managed to reduce net corporate debt to RUB 5.1 billion, with the net corporate debt/pre-PPA EBITDA ratio at just 0.2x, while we consider 2x-3x to be a comfortable level. Etalon Group's net cash position at the project level is RUB 23.4 billion. Starting in 2022, an additional supporting factor will be the release of funds held on escrow accounts as we deliver properties built under the new financing rules.
“Reducing the debt burden and increasing cash flow opens up great opportunities for us to develop new projects and technologies, accelerate business growth and maintain our leading profitability position.”
Conference call and webcast
Etalon Group will host a conference call for investors and analysts today at 14:00 London time (17:00 Moscow; 09:00 New York).
On the call, the Etalon Group management team will present the FY operating results, as well as an update on the Company’s performance against strategic goals and new acquisitions programme. The presentation will be followed by a question-and-answer session for participants.
Webcast
https://edge.media-server.com/mmc/p/xi3k3bgw
Dial-in numbers:
+44 2071 928338 – Standard International
+44 844 4819 752 – London
+7 495 990 0832 – Moscow
+1 646 741 3167 – New York
Conference ID Code:
1746707 – to take part in Russian
5269253 – to take part in English
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 9.7 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 42 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 2025 was RUB 318 billion.
In 2025, Etalon Group’s new contract sales totalled 671 ths sqm, or RUB 153.5 billion.
The Company’s revenue in 2025 amounted to RUB 154 billion, with EBITDA of RUB 31 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.