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LSR Group  |
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| Compilation Date: | 29 Jul 10 |
Company Overview
 General Info | |
| Full Company Name | JSC "LSR Group" |
| Industrial Group | General Construction |
| Number of Employees | 17,500 |
| Registration Date | 14 Aug 06 |
| Registered Address | 36, Kazanskaya St., Saint-Peterburg, 190031 |
| Main Office | 36, Kazanskaya St., Saint-Peterburg, 190031 |
| Telephone / Fax | (812) 320-5642; 315-4419 / (812) 320-5642; 312-1381 |
| e-mail | bogacheva@lsrgroup.ru |
| Internet Home Page | www.lsrgroup.ru |
| Registrar | Closed JSC "Unified Registrar" |
| Auditor | Closed JSC "Audit-Service", Closed JSC "KPMG" |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
|
| Corporate Management |
| Chairman of the Board | Igor Levit | | General Director | Aleksandr Vakhmistrov |
| Price Highlights | |
| Price per Common Share, USD | 28.059895 |
| YTD Price Change, % | 47.98 |
| P/E Ratio | 12.3709 |
| Market Capitalization, USD | 2,628,197,291 |
| Common Shares in Free Float, % | 18.00 |
| Operations Summary | |
JSC "LSR Group" is a vertically integrated diversified company engaging in the production of building materials, real estate development and construction. Today LSR Group comprises companies engaging in the manufacture of building materials, extraction and processing of aggregates, provision of construction services, real estate development and construction — from mass market large-panel housing to elite residential property built after designs by leading domestic and foreign architects. LSR Group includes two core areas: production of building materials and real estate development and construction. LSR Group has companies and offices in St. Petersburg and the Leningrad region, Moscow, Ekaterinburg, in Lithuania, Latvia, Estonia, Ukraine and Germany. At 31 December 2008, the real estate portfolio of LSR Group includes 64 projects in the residential elite class, business class and mass market property, gated communities and commercial property segments. The net sellable area of the projects included in the portfolio is 8,857 thousand square meters. LSR Group invested into capacity expansion and equipment modernization RUR 2,965 million in 2006 and RUR 6,519 million in 2007. In 2008, the capital investments of the Group were increased by 58% amounting to RUR 10,330 million. The investments were channeled both into growth of production and improvement of the efficiency of existing capacities. Besides, the company invested considerable funds in the development of property and in the acquisition of land. LSR Group's inventory related to real estate development, capitalised in the balance sheet, grew by 52% from RUR 29,927 million as of December 31, 2007 to RUR 45,472 million as of December 31, 2008. In November 2007, LSR Group made an initial public offering (IPO) on the London Stock Exchange, RTS and MICEX. The company sold 12.5% of its shares at USD 14.5 per GDR. At the offer price, the market capitalization for LSR Group was USD 6.2 billion. The company has rating by Moody’s Investors Service (B3) and Fitch Rating (B-). |
Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 93,663,832 | 0.25 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| Streetlink Ltd. | 48.38 | 48.38 | | Andrey Molchanov | 10.00 | 10.00 | | Mikhail Romanov | 5.19 | 5.19 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| Closed JSC "A Plus Estate" | 100.00 | | BaltStroyComplete Ltd. | 100.00 | | Closed JSC "Blok DSK" | 100.00 | | Closed JSC "Gatchinsky DSK" | 100.00 | | JSC "Granite-Kuznechnoe" | 100.00 | | Investproekt Ltd. | 100.00 | | JSC "Lenrechport" | 100.00 | | LSR Europe GmbH | 100.00 | | LSR-Invest Ltd. | 100.00 | | Closed JSC "Mosstroyrekonstruktsiya" | 100.00 | | Promstroymontazh Ltd. | 100.00 | | Closed JSC "Vertical" | 100.00 | | Vsevolozhsk SMP Ltd. | 100.00 | | Closed JSC "Zarechye" | 100.00 | | JSC "Zavod Zhelezobetonnykh Izdeliy "Betfor" | 91.01 | | Aeroc International A.S. | 90.00 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 2007 / com | n. p. | 93,663,832 | - | - | - | - | | 2008 / com | n. p. | 93,663,832 | - | - | - | - | | 2009 / com | n. p. | 93,663,832 | - | - | - | - |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| LSR Group | LSRG | RU000A0JPFP0 | MICEX | | LSR Group | LSRG | RU000A0JPFP0 | RTS Classic | | LSR Group | LSRGG | RU000A0JPFP0 | RTS T+0 | | LSR Group GDR | 3LSA | US50218G2066 | Berlin Stock Ex | | LSR Group GDR | 3LSA | US50218G2066 | Frankfurt SE | | LSR Group GDR | LSRG | US50218G2066 | London SE | | LSR Group GDR | LSRGL | US50218G1076 | PORTAL | | LSR Group GDR | 3LSA | US50218G2066 | XETRA |
| Price Chart |
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| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| GDR Reg S | 15 Nov 07 | 5: 1 | 50218G206 | Deutsche Bank | | GDR 144 A | 15 Nov 07 | 5: 1 | 50218G107 | Deutsche Bank |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| MT-RusIndex | 0.39 | 01 Jul 09 | | | RusIndex 100 | 0.36 | 01 Apr 09 | | | RusIndex Industrials | 0.45 | 01 Apr 09 | | | SPT-RusIndex | 55.04 | 01 Apr 09 | |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| 1 | 4-01-55234-E | 18 Sep 06 | 521 | 1,000 | 1,000,000 | 3 | 182 | | | 2 | 4-02-55234-E | 29 May 08 | 1,820 | 1,000 | 5,000,000 | 10 | 182 | Leningradsky River Port | | ÁÎ-1 | 4B02-01-55234-E | 24 Nov 09 | 1,092 | 1,000 | 1,500,000 | 6 | 182 | |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| 1 | 1 | 16 Oct 06 | 22 Mar 07 | 11.00 | | 1 | 2 | 22 Mar 07 | 20 Sep 07 | 10.00 | | 1 | 3 | 20 Sep 07 | 20 Mar 08 | 10.00 | | 2 | 1 | 07 Aug 08 | 05 Feb 09 | 13.25 | | 2 | 2 | 05 Feb 09 | 06 Aug 09 | 13.25 | | 2 | 3 | 06 Aug 09 | 04 Feb 10 | 13.25 | | 2 | 4 | 04 Feb 10 | 05 Aug 10 | n. a. | | 2 | 5 | 05 Aug 10 | 03 Feb 11 | n. a. | | 2 | 6 | 03 Feb 11 | 04 Aug 11 | n. a. | | 2 | 7 | 04 Aug 11 | 02 Feb 12 | n. a. | | 2 | 8 | 02 Feb 12 | 02 Aug 12 | n. a. | | 2 | 9 | 02 Aug 12 | 31 Jan 13 | n. a. | | 2 | 10 | 31 Jan 13 | 01 Aug 13 | n. a. | | ÁÎ-1 | 1 | 29 Jun 10 | 28 Dec 10 | 10.50 | | ÁÎ-1 | 2 | 28 Dec 10 | 28 Jun 11 | 10.50 | | ÁÎ-1 | 3 | 28 Jun 11 | 27 Dec 11 | 10.50 | | ÁÎ-1 | 4 | 27 Dec 11 | 26 Jun 12 | 10.50 | | ÁÎ-1 | 5 | 26 Jun 12 | 25 Dec 12 | n. a. | | ÁÎ-1 | 6 | 25 Dec 12 | 25 Jun 13 | n. a. |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| 1 | 16 Oct 06 | 16 Oct 06 | 100.00 | 1,000,000 | 20 Mar 08 | 22 Mar 07 | 100.00 | redeemed | 02 Nov 06 | | 2 | 07 Aug 08 | 07 Aug 08 | 100.00 | 5,000,000 | 01 Aug 13 | 04 Feb 10 | 100.00 | outstanding | 12 Aug 08 | | ÁÎ-1 | 29 Jun 10 | 29 Jun 10 | 100.00 | 1,500,000 | 25 Jun 13 | 26 Jun 12 | 100.00 | outstanding | 30 Jun 09 |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 24.54 | 29.38 | 30.25 |
| ASSETS, of which | 95,728.25 | 113,886.46 | 110,328.43 | 3,900.93 | 3,876.7 | 3,647.46 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 44,517.5 | 46,804.94 | 42,569.15 | 1,814.09 | 1,593.24 | 1,407.34 |
|---|
| | Fixed Assets | 17,816.2 | 28,310.93 | 31,847.4 | 726.01 | 963.7 | 1,052.88 |
| | Intangible Assets | 1,229.55 | 4,614.98 | 4,472.66 | 50.1 | 157.09 | 147.87 |
| | Other Assets | 25,471.75 | 13,879.02 | 6,249.09 | 1,037.97 | 472.44 | 206.6 |
| Current Assets, of which | 51,210.77 | 67,081.52 | 67,759.29 | 2,086.84 | 2,283.46 | 2,240.12 |
|---|
| | Inventories | 32,973.13 | 50,231.52 | 55,132.7 | 1,343.66 | 1,709.88 | 1,822.69 |
| | Accounts Receivable | 9,206.58 | 13,408.78 | 9,606.81 | 375.17 | 456.44 | 317.6 |
| | Cash | 8,706.23 | 3,245.68 | 2,895.92 | 354.78 | 110.48 | 95.74 |
| | Other Current Assets | 324.83 | 195.53 | 123.87 | 13.24 | 6.66 | 4.1 |
| OWNER'S EQUITY, of which | 42,965.57 | 34,969.68 | 39,626.1 | 1,750.85 | 1,190.37 | 1,310.04 |
|---|
| | Charter Capital | 26.45 | 34.2 | 35.21 | 1.08 | 1.16 | 1.16 |
| | Reserves | 32,127.31 | 31,692.33 | 31,756.41 | 1,309.19 | 1,078.81 | 1,049.87 |
| | Retained Earnings | 10,811.8 | 3,243.16 | 7,834.48 | 440.58 | 110.4 | 259.01 |
| LIABILITIES, of which | 52,762.67 | 78,916.77 | 70,702.33 | 2,150.08 | 2,686.33 | 2,337.42 |
|---|
| | Long-Term Debt | 13,344.49 | 18,861.49 | 24,436.57 | 543.79 | 642.05 | 807.87 |
| | Short-Term Debt | 10,740.61 | 17,950.53 | 15,109.35 | 437.68 | 611.04 | 499.52 |
| | Accounts Payable | 11,782.26 | 38,545.8 | 28,187.27 | 480.13 | 1,312.1 | 931.87 |
| | Other Liabilities | 16,895.31 | 3,558.96 | 2,969.15 | 688.48 | 121.15 | 98.16 |
| Financial data standard | IAS | IAS | IAS | IAS | IAS | IAS |
| Audited | Audited | Audited | Audited | Audited | Audited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| P&L Account |
| | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 25.58 | 24.87 | 31.75 |
| Sales | 35,855.5 | 49,651.76 | 50,853.23 | 1,402.56 | 2,004.12 | 1,608.42 |
| Production Costs | 21,468.54 | 55,038.28 | 40,392.98 | 839.78 | 2,221.54 | 1,277.57 |
| Operating Profit | 14,386.96 | -5,386.51 | 10,460.25 | 562.77 | -217.42 | 330.84 |
| Other Income | -1,889.72 | -4,842.48 | -4,545.06 | -73.92 | -195.46 | -143.75 |
| Income Before Taxes | 12,497.24 | -10,229 | 5,915.19 | 488.85 | -412.88 | 187.09 |
| Net Income | 9,184.38 | -7,981.13 | 4,574.44 | 359.27 | -322.15 | 144.68 |
| Financial data standard | IAS | IAS | IAS | IAS | IAS | IAS |
| Audited | Audited | Audited | Audited | Audited | Audited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| Key Ratios |
| | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 3.74 | 0.33 | 1.37 |
| P/S | 4.67 | 0.20 | 1.11 |
| P/E | 18.25 | neg. | 12.37 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 93.50 | 114.52 | 91.91 |
| Net Profit Margin, % | 25.61 | neg. | 9.00 |
| ROA, % | 13.37 | neg. | 3.85 |
| ROE, % | 36.92 | neg. | 11.57 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 4.54 | 4.75 | 4.24 |
| Assets Turnover | 0.52 | 0.52 | 0.43 |
| Inventory Turnover | 1.43 | 1.31 | 0.91 |
| Liabilities Turnover | 0.82 | 0.83 | 0.64 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.45 | 0.31 | 0.36 |
| Debt Ratio | 0.55 | 0.69 | 0.64 |
| Equity/Debt | 0.81 | 0.44 | 0.56 |
| Current Liquidity | 2.17 | 1.16 | 1.52 |
| Quick Liquidity | 0.77 | 0.29 | 0.28 |
Production Overview
| Production |
| Product | Measure | 2007 | 2008 | 2009 | Units |
|---|
| Aerocrete | 1,000 | 555 | 914 | 737 | cub meters | | Brick | 1,000,000 | 289 | 265 | 169 | units | | Macadam | 1,000 | 4,275 | 5,408 | 3,527 | cub meters | | Ñoncrete | 1,000,000 | 1.6 | 1.51 | 0.81 | cub meters | | Sand | 1,000,000 | 13.5 | 17.96 | 10.21 | cub meters |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Information is not available yet. |
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