ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces the publication of its audited consolidated IFRS financial statements for the twelve months ended 31 December 2021.
FY 2021 financial highlights:
- Revenue for 2021 increased by 11% year-on-year to RUB 87.1 billion.
- Gross profit rose 27% year-on-year and reached RUB 27.8 billion.
- Gross profit margin increased by 4 p.p. year-on-year to 32%.
- Gross profit before purchase price allocation (PPA) for the period increased by 20% to RUB 31.0 billion; pre-PPA gross profit margin increased by 3 p.p. year-on-year to 36%.
- EBITDA increased by 42% year-on-year to RUB 17.9 billion; EBITDA margin rose by 4.5 p.p. year-on-year to 21%.
- Pre-PPA EBITDA amounted to RUB 21.1 billion, and pre-PPA EBITDA margin increased by 3 p.p. year-on-year to 24%.
- Net corporate debt as of 31 December 2021 was RUB 2.6 billion, and the ratio of net corporate debt to pre-PPA EBITDA decreased to 0.1x.
- Funds in escrow accounts reached RUB 59.8 billion.
- Operating cash flow less interest paid and adjusted for escrow cash collections reached RUB 18.8 billion for the period.
Commenting on the FY 2021 financial results, Etalon Group CEO Gennadiy Shcherbina said:
“Just as we expected, Etalon Group’s record sales for 2021 were reflected in our strong financial results. The Company posted revenue of RUB 87.1 billion and gross profit of 27.8 billion, the best results in the Group’s history.
“Our efforts to improve cost-effectiveness and strictly control costs resulted in an increase in profit margin. Etalon Group is one of the leaders in terms of pre-PPA gross profit margin, reaching 36% for the Company as a whole and 38% in the residential development segment as of the end of the year. In addition, we reduced the ratio of SG&A expenses to revenue to 12% and laid a solid foundation for a further reduction to our target of 10% by 2024, even amid the rapid expansion of our business. As a result of improved business efficiency and strict control of overhead costs, we were able to improve our EBITDA as well. In the last 12 months, pre-PPA EBITDA has increased by 28%, and pre-PPA EBITDA margin has increased by 3 p.p. to 24%.
“Despite the rapidly changing macroeconomic context, we continue to develop projects aimed at improving our operational efficiency and expanding our business, including projects for the digitalisation of the value chain, product standardisation and integration of state-of-the-art industrial housing construction technologies. Thanks to the work we have already completed, we will be able to achieve tangible results in the near future with the introduction of our new standardised product, which offers a high degree of consumer appeal at a lower construction cost.
“I am confident that the successful implementation of our strategic programme in the context of dynamic market consolidation will open up new opportunities for us to further strengthen the Company’s position as an industry leader in terms of efficiency and product quality, while also enabling us to substantially expand our business through new markets and our updated offer.”
Commenting on the financial results for 2021, Etalon Group’s Chief Financial Officer, Ilya Kosolapov, added:
“Thanks to the concerted efforts of the entire team over the past few years, the Company has strengthened its positions considerably, including in financial terms. Net corporate debt at the end of 2021 amounted to only RUB 2.6 billion, even despite record replenishment of the portfolio in 2021. At the same time, the ratio of net corporate debt to pre-PPA EBITDA decreased to 0.1x. Funds in escrow accounts exceed project debt by 1.6x, which enables us to take advantage of preferential project financing rates of 3%–4%, despite an increase in the Bank of Russia’s key rate. Moreover, even in the context of a tight monetary policy, the terms of our current loan agreements and our solid liquidity reserve enable us to keep the average interest rate on our debt at a comfortable level and at the same time to finance key projects aimed at strategic business development.”
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.