Etalon 2017 Total Asset Value Reaches USD 2.3 bln
ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces the results of its asset valuation as of 31 December 2017, conducted by Knight Frank.
The total value of the Company’s assets reached RUB 135 billion, or USD 2.3 billionat the Central Bank of Russia exchange rate as of 31 December 2017, which amounts to USD 8.0 per GDR.
The asset valuation includes the valuation of the Company’s project portfolio, which increased by 10% from RUB 116 billion as of 31 December 2016 to RUB 127 billion as of 31 December 2017. Furthermore, the integration of a number of Etalon Group’s smaller business units into a single construction and maintenance business carried out in 2017 enabled Knight Frank to conduct a valuation of the unified company, valuing it at RUB 8.3 billion.
Etalon Group President Viacheslav Zarenkov said:
“We are pleased to report a 10% increase in the open market value of our project portfolio in rouble terms, which was supported by the acquisition of high-quality projects in Moscow and St Petersburg, as well as further progress at existing sites.
“Our 2017 acquisitions included three business class projects that will enable Etalon Group to further diversify its portfolio into the higher-end market segment in both Moscow and St Petersburg.
“In accordance with previously announced plans, in 2017 we consolidated our construction, maintenance and service entities into a separate division with centralised management and KPIs that are tied to Etalon Group’s overall strategic goals. With the process of integration complete, we can now treat the new business unit as an asset for valuation. We expect that increases in operating efficiency and a common marketing strategy will help this division to deliver on its great potential for further growth.”