Lsr · RUS:LSRG
Lsr — FY2010 Earnings Presentation
26 slides from Lsr's earnings presentation, 2011
Slide 1: Investor Presentation
ay Investor Presentation LSR Group
Slide 2: Agenda
Agenda 1. 2010 financial results 2. Market update 2
Slide 3: Key financials
Key financials RUB m 2008 2009 2010 Revenues 49,813 51,024 49,950 EBITDA 13,178 14,732 8,687* EBITDA margin 26% 29% 17% Normalised operating profit 11,130 12,327 6,307 Normalised operating profit margin 22% 24% 13% Changes in fair value of investment property (16,143) (1,752) (36) Reported net profi
Slide 4: Key financials
Key financials Sales (RUB m) EBITDA (RUB m) and EBITDA margin (%) Change -2% 49,813 51,024 14,732 Change -41% 49,950 13,178 8,687 29 % 26 % 17 % 29% 2008 2009 2010 2008 2009 1726% % 2010 22% Sales revenue and EBITDA breakdown1 2010 Sales revenue breakdown 67% 33% Building Materials, Aggregates and R
Slide 5: Real estate development
Real estate development Sales (RUB m) EBITDA (RUB m) and EBITDA margin (%) Change -9% Change -44% 26000 9,201 24000 23,417 22000 21,198 20000 5,150 18000 39% 16000 14000 39% 12000 24% 10000 2009 2010 2009 2010 Key financials Business Class & Mass-Market Business Class & Mass-Market Total1 Elite Real
Slide 6: Real estate development: sales in St. Petersburg
Real estate development: sales in St. Petersburg New contract sales in mass market segment (excluding governmental contracts) New contract sales in elite segment 35 14 30 33 32 12 25 12.1 10 11.3 10.1 20 '000 m2 8 20 8.7 19 '000 m2 15 17 17 17 6 6.9 10 11 4 4.9 4.7 5 2 2.4 0 0 1Q/2009 2Q/2009 3Q/200
Slide 7: Projects launches planned in 2011
Projects launches planned in 2011 Net sellable area (sq.m) Start of Construction Start of pre-sales Elite Real Estate in St. Petersburg 76,566 Europe City Phase 1 70,936 November 2011 November 2011 Kovenskiy 5,630 July 2010 June 2011 Mass Market and Business Class Real Estate in St. Petersburg 229,7
Slide 8: Construction
Construction Sales (RUB m) EBITDA (RUB m) and EBITDA margin (%) Change +2% Change -16% 3500 14000 13,045 3,213 13000 12,756 3000 12000 2,687 11000 2500 10000 25% 9000 2000 8000 25% 25% 7000 21% 1500 6000 5000 1000 2009 2010 2009 2010 Key financials Total 2009 2010 Change Sales volume (th. m2) 585 57
Slide 9: Construction Services
Revenue/EBITDA in building materials and aggregates Revenue EBITDA 8 000 7 029 Change +50% 600 569 7 000 Building Materials 6 000 RUB m 500 4 671 RUB m 5 000 400 4 000 300 3 000 200 2 000 1 000 100 0 - 1H 2010 2H 2010 1H 2010 2H 2010 (100) (48) 2 500 2 295 Change +62% 1 000 916 Change +203% 2 000 RU
Slide 10: Building materials
Building materials 700 Sales (RUB m) EBITDA (RUB m) and EBITDA margin (%) Change +14% 521 600 Change +13% 11,700 10,273 500 462 400 300 200 5% 4% 5% 5% 100 2009 2010 2009 2010 Key financials Total1 Reinforced Concrete Ready-Mix Concrete Bricks Aerated Concrete 2009 2010 Change 2009 2010 Change 2009
Slide 11: Aggregates
Aggregates Sales (RUB m) Change +3% EBITDA (RUB m) and EBITDA margin (%) 3,707 Change -11% 3,603 1,369 1,218 38% 38% 33% 38% 2009 2010 2009 2010 Key financials Total Sand Crushed Granite 2009 2010 Change 2009 2010 Change 2009 2010 Change Sales volume (th. m3) - - - 10,207 9,820 (4)% 3,593 3,980 11%
Slide 12: Sales of building materials and aggregates in St. Petersburg
Sales of building materials and aggregates in St. Petersburg Sales of reinforced concrete Sales of ready-mix concrete 90 300 78 +12% YoY 262 +46% YoY 80 76 69 69 70 250 70 216 60 57 52 200 51 174 50 154 '000 m3 144 150 127 '000 m3 40 121 105 30 100 20 50 10 0 0 1Q/2009 2Q/2009 3Q/2009 4Q/2009 1Q/201
Slide 13: Construction services
Construction services Sales (RUB m) Change -12% EBITDA (RUB m) and EBITDA margin (%) 1,764 Change -37% 1,544 587 369 33% 33% 33% 24% 2009 2010 2009 2010 Key financials Total 2009 2010 Change Sales revenue (RUB m) 1,764 1,544 (12)% EBITDA (RUB m) 587 369 (37)% EBITDA margin (%) 33% 24% - Notes: Total
Slide 14: Debt maturity profile
Debt maturity profile 15,585 Total debt: RUB 31,146m 6,570 3,943 RUB m 3,311 3,217 1,737 726 1H 2011 2H 2011 2012 2013 2014 2015> Total RUB m 3 000 346 2,399 5,853 1,019 12,940 24,974 USD m 2 13 24 24 24 106 190 EUR m 4 0 5 0 0 0 9 Total RUB m 3 217 726 3,311 6,570 1,737 15,585 31,146 Note: 1) exclu
Slide 15: Gross debt by source as of 31 December 2010
Gross debt by source as of 31 December 2010 RUB 39,541m 10% 4,073 RUB 36,874m RUB 31,703m 19% 7,561 Rouble bonds 8,579 23% 21% 6,773 VEB 7% 2,670 Finance lease liability 2,011 5% 3% 1,217 3% 1,069 Other banks/loans 4,144 11% 1,285 3% 24% 7,669 Rosselkhozbank Raiffeisen 2,497 7% 13% 4,944 ABN AMRO/ H
Slide 16: Debt composition as of 31 December 2010
Debt composition as of 31 December 2010 Gross debt by currency1 Gross debt composition USD Finance lease Rouble bonds 19% liability 20% 3%2% EUR 1% RUB 80% Bank and other loans 78% 89% Source: Company Note: 1) excluding finance lease liability and other loans 16
Slide 17: Acquisitions/New projects 2010 - 2011
Acquisitions/New projects 2010 - 2011 Building Materials & Aggregates: Crushed granite Petrovsky quarry, granite deposits: 25m m3, Annual production capacity: 500 th m3, Jun 2010 KNI, granite deposits: 84m m3, Annual production capacity: 1.1m m3, Feb 2011 Sand 8 quarries, sand reserves: 19m m3
Slide 18: Real estate portfolio by region
Real estate portfolio by region Breakdown of portfolio by region Breakdown of portfolio by region (Net Sellable Area) (Market Value) Yekaterinburg Yekaterinburg Leningrad Region 6% Leningrad Region 5% 1% Moscow 0.1% 4% Moscow 8% St. Petersburg St. Petersburg 90% 86% Region NSA (‘000 m2) % of total M
Slide 19: Real estate portfolio by segment
Real estate portfolio by segment Breakdown of portfolio by segment Breakdown of portfolio by segment (Net Sellable Area) (Market Value) Mass-market 52% Elite Offices 25% Mass-market 0.5% 36% Elite Operating Business class 6% offices 10% Business class 0.3% Gated 7% Offices Held for future Gated comm
Slide 20: Real estate portfolio by stage of development
Real estate portfolio by stage of development Breakdown of portfolio by stage of development Breakdown of portfolio by stage of development (Net Sellable Area) (Market Value) Under construction 8% Design & permitting Design & permitting Initial concept 23% 12% design 45% Completed 8% Under construct
Slide 21: Agenda
Agenda 1. 2010 financial results 2. Market update 21
Slide 22: Sales of new apartments
Sales of new apartments Sales of new apartments in St. Petersburg 2,520 1200 2,150 1030 1,459 1000 800 670 631 600 600 ‘000 m2 500 488 448 431 382 400 320 325 304 200 0 1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09 3Q/09 4Q/09 1Q/10 2Q/10 3Q/10 4Q/10 08 08 08 08 09 09 09 09 10 10 10 10 20 20 20 20 20 20 20 20
Slide 23: 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 200 186 200 203 198 ‘000 RUB 150 216 145 198 186 100 80 145
Slide 24: Supply of new apartments
Supply of new apartments Supply of new apartments in St. Petersburg 900 800 776 747 700 600 584 -68% 84% 493 500 473 465 ‘000 m2 421 400 300 276 219 200 200 153 139 100 0 1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09 3Q/09 4Q/09 1Q/10 2Q/10 3Q/10 4Q/10 08 08 08 08 09 09 09 09 10 10 10 10 20 20 20 20 20 20 20
Slide 25: Mortgage lending
Mortgage lending Mortgage lending in Russia Average mortgage rates 180 156.5 160 15.0% 140 14.4% 14.6% 14.6% 14.3% 120 108.2 14.0% 114 13.5% 13.5% 13.6% 13.5% 100 87.2 number of loans, 000 13.1% 13.4% 13.0% 13.1% 66.3 12.7% 80 value of loans, bn RUB 49.0 80 loans in RUB 12.0% 60 39.4 67 loans in for
Slide 26: Contacts
Contacts LSR Group Investor Relations Kliment Falaleev Yuri Ilyin 36 Kazanskaya Street, 36 Kazanskaya Street, St Petersburg St Petersburg 190031, Russia 190031, Russia Phone: +7 812 571 7850 Phone: +7 812 326 9329 Fax: +7 812 312 8565 Fax: +7 812 312 8565 Mob: +7 921 953 1641 Mob: +7 921 906 7777 Em