Slide 1: 1H 2011 results investor presentation
1H 2011 results investor presentation
Slide 2: Agenda
Agenda 1. 1H 2011 Operating and Financial Results 2. Market Update 2
Slide 3: Key Financials
Key Financials RUB m 1H 2010 1H 2011 Revenues 17,717 22,964 EBITDA 2,923 3,834 EBITDA margin 17% 17% Normalised operating profit 1,729 2,685 Reported net profit (675) 706 Gross cash flow 2,927 3,328 Operating cash flow (2,286) (110) 31.12.2010 30.06.2011 Net debt 30,376 34,346 Net debt/EBITDA 3.5 3.
Slide 4: Key Financials
Key Financials Sales (RUB m) Change +30% EBITDA (RUB m) and EBITDA margin (%) 22,964 Change +31% 17,717 3,834 2,923 17 % 17 % 29% 1H 2010 26% 1H 2011 1H 2010 1H 2011 22% Sales revenue and EBITDA breakdown1 1H 2011 Sales revenue breakdown 61% 39% Real Estate Development, Construction and Commercial R
Slide 5: Real Estate Development
Real Estate Development Sales (RUB m) EBITDA (RUB m) and EBITDA margin (%) Change +45% Change +23% 8,659 2,034 5,987 1,653 28% 23% 39% 33% 1H 2010 1H 2011 1H 2010 1H 2011 Key financials Business Class & Mass-Market Business Class & Mass-Market Total1 Elite Real Estate Real Estate in St. Petersburg R
Slide 6: Real estate development: sales in St. Petersburg in Q1 & Q2
Real estate development: sales in St. Petersburg in Q1 & Q2 New contract sales in mass market segment (excluding governmental contracts), 000 m2 2010/2009: +68% 1H2011/1H2010: +68% 35 30 29 25 21 20 19 16 17 15 10 9 5 0 2009 2010 2011 New contract sales in elite segment, 000 m2 16 15 2010/2009: +34%
Slide 7: Construction
Construction Sales (RUB m) EBITDA (RUB m) and EBITDA margin (%) Change +5% Change -45% 5,809 1,164 5,514 639 21% 25% 11% 1H 2010 1H 2011 1H 2010 1H 2011 Key financials Total 1H 2010 1H 2011 Change Sales volume (th. sqm) 276 262 (5%) Sales revenue (RUB m) 5,514 5,809 5% EBITDA (RUB m) 1,164 639 (45%)
Slide 8: Building Materials
Building Materials Sales (RUB m) Change +43% EBITDA (RUB m) and EBITDA margin (%) 6,713 442 4,704 2% 7% 19% 5% 1H 2010 1H 2011 (60) 1H 2010 1H 2011 Key financials Total1 Reinforced Concrete Ready-Mix Concrete Bricks Aerated Concrete 1H 1H 1H 1H 1H 1H 1H 1H 1H 2010 1H 2011 Change Change Change Change
Slide 9: Aggregates
Aggregates Sales (RUB m) EBITDA (RUB m) and EBITDA margin (%) Change +21% Change +121% 1,704 667 1,413 302 39% 21% 45% 38% 1H 2010 1H 2011 1H 2010 1H 2011 Key financials Total Sand Crushed Granite 1H 2010 1H 2011 Change 1H 2010 1H 2011 Change 1H 2010 1H 2011 Change Sales volume (th. cub. m) - - - 3,
Slide 10: Sales of building materials and aggregates in St. Petersburg in Q1 & Q2
Sales of building materials and aggregates in St. Petersburg in Q1 & Q2 1H 2011/1H 2010: +31% 1H 2011/1H 2010: +23% Reinforced concrete, 000m3 Ready-mix concrete, 000m3 120 101 300 100 248 250 216 80 70 57 58 200 166 60 51 52 127 150 121 105 40 100 20 50 0 0 2009 2010 2011 2009 2010 2011 Aerated con
Slide 11: Construction Services
Construction Services Sales (RUB m) EBITDA (RUB m) and EBITDA margin (%) Change +47% 1,015 Change +40% 221 688 158 31% 33% 23% 22% 1H 2010 1H 2011 1H 2010 1H 2011 Key financials Total 1H 2010 1H 2011 Change Sales revenue (RUB m) 688 1,015 47% EBITDA (RUB m) 158 221 40% EBITDA margin (%) 23% 22% - No
Slide 12: Debt maturity profile as of 30 June 2011
Debt maturity profile as of 30 June 2011 Total debt: RUB 36,101m 16,392 9,882 4,914 3,827 RUB m 1,085 2H 2011 2012 2013 2014 2015> Total RUB m 416 2,540 8,999 4,158 12,991 29,105 USD m 14 27 27 27 121 216 EUR m 7 13 3 - - 23 Total RUB m 1,085 3,827 9,882 4,914 16,392 36,101 Note: 1) excluding financ
Slide 13: Gross debt by source as of 30 June 2011
Gross debt by source as of 30 June 2011 Interest Rate (avg) 11% p.a. RUB 39,541m* RUB 36,467m Interest Rate (avg) 9.76% p.a. VEB 10% 4,073 8,208 23% VEB RUB 32,279m Rosselkhozbank 19% 7,561 Interest Rate (avg) 9.3% p.a. VEB 23% 7,404 Rouble bonds 7% 2,670 7,669 21% Rosselkhozbank Finance lease liabi
Slide 14: Debt composition as of 30 June 2011
Debt composition as of 30 June 2011 Gross debt by currency1 Gross debt composition USD 17% Rouble bonds 23% Finance lease EUR liability 2% 1% RUB 81% Bank loans 76% Source: Company Note: 1) excluding finance lease liability and other loans 14
Slide 15: Agenda
Agenda 1. 1H 2011 Operating and Financial Results 2. Market Update 16
Slide 16: Sales of new apartments
Sales of new apartments Sales of new apartments in St. Petersburg 2,520 1200 2,064 1030 1,459 1000 854 800 670 600 ‘000 m2 600 547 500 486 448 431 446 408 382 400 320 325 304 200 0 1Q/08 1Q/08 2Q/08 2Q/08 3Q/08 3Q/08 4Q/08 4Q/08 1Q/09 1Q/09 2Q/09 2Q/09 3Q/09 3Q/09 4Q/09 4Q/09 1Q/10 1Q/10 2Q/10 2Q/10
Slide 17: New residential real estate price development in St. Petersburg, Moscow and Yekaterinburg
145 New residential real estate price development 57 68 74 56 63 80 70 70 17 26 39 15 in St. Petersburg, Moscow and Yekaterinburg 20 26 28 9 13 0 2001 250 St. Petersburg 2002 2003 2004 2005 2006 2007 2008 2009 1Q 2010 216 Elite Mass-Market 200 186 200 200 198 ‘000 RUB 150 216 145 198 186 100 80 145
Slide 18: Supply of new apartments
Supply of new apartments Supply of new apartments in St. Petersburg 900 800 776 747 757 700 82% 600 584 ‘000 m2 473 492 500 455 421 -68% 400 300 276 219 237 200 200 139 153 100 0 1Q/08 1Q/08 2Q/08 2Q/08 3Q/08 3Q/08 4Q/08 4Q/08 1Q/09 1Q/09 2Q/09 2Q/09 3Q/09 3Q/09 4Q/09 4Q/09 1Q/10 1Q/10 2Q/10 2Q/10 3
Slide 19: Mortgage lending
Mortgage lending Mortgage lending in Russia Average mortgage rates 15,0% 14,6% 14,6% 14,4% 14,3% 180 168,2 14,0% number of 157,1 160 loans, 000 13,5% 13,5% 13,6% 13,5% 13,4% 140 121 13,0% 13,1% 13,1% 120 value of 108,2 114 103,4 12,7% loans, bn 12,4% loans in 100 87,2 12,2% RUB 74 12,0% RUB 80 66,3
Slide 20: Contacts
Contacts LSR Group Investor Relations Yuri Ilyin 36 Kazanskaya Street, St Petersburg 190031, Russia Phone: +7 812 326 9329 Fax: +7 812 312 8565 Mob: +7 921 906 7777 Email: ilyin@lsrgroup.ru