REG - Etalon Group Limited - Etalon Group Board Recommends Dividend <Origin Href="QuoteRef">ETLNGq.L</Origin>

EtalonAnnouncement

02/05/2017 07:30

RNS Number : 7996D
Etalon Group Limited
02 May 2017
2 May 2017
Etalon Group Board of Directors Recommends Dividends
The Board of Directors of Etalon Group Public Company Limited ("Etalon Group" or the "Company"), one of Russia's largest and longest-established development and construction companies, held a meeting in Amathus Hotel Limassol at 75 Amathounta Avenue, 4532 Limassol, Cyprus, on 28 April 2017.
The Board of Directors recommended a final dividend of USD 0.107 per ordinary share for the year ended 31December2016, which represents50% of the Company's consolidated net profit for 2H 2016 (based on the official Central Bank of Russia exchange rate on 28 April 2016).
The Directors of Etalon Group have recommended the payment of a final dividend inaccordance with the Company's dividend policy, and the recommendation will be subject to shareholder approval at the Company's Annual General Meeting of Shareholders ("AGM") to be held on 27 July 2017. 
Assuming shareholders approve the Board's recommendation, the dividend will be paid on 23 August 2017. The record date will be4 August 2017. 
This and other recent announcements are available on the Etalon Group website: http://www.etalongroup.com/investors/news/
Etalon Group IR Team
T: +44 20 8123 1328
E: info@etalongroup.com
EM
Sam VanDerlip 
T: +44 7554 993 032
T: +7 499 918 3134
E: vanderlip@em-comms.com
About Etalon Group
Founded in 1987 by Viacheslav Zarenkov, Etalon Group has become one of Russia's largest development and construction corporations. The Company focuses on middle class residential real estate in the Moscow and St. Petersburg metropolitan areas, where it operates through Etalon Invest and Etalon LenSpetsSMU subsidiaries. With a 29-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry - since its inception, Etalon Group has commissioned 5.4 million sqm.
Etalon Group's strong reputation among consumers supports its pre-sales business model, which helps the Company to minimise external financing needs for on-going projects while maintaining a secure liquidity position: net debt as of 31 December 2016 was RUB 7.8 billion.
The Company is vertically integrated, which helps it to control costs, quality and timing, as well as to demonstrate best-in-class profitability. Etalon Group employs 5,000 people, and its nationwide sales and marketing network covers 49 Russian cities.
As of 31 December 2016, Etalon Group's portfolio comprised 35 projects, with a total of 2.82 million sqm of unsold net sellable area. JLL valued this portfolio at RUB 115,818 million.
For the year ended 31 December 2016, Etalon Group's new contract sales totalled 496 ths sqm, or RUB 47,443 million. Deliveries in 2016 amounted to 420 ths sqm.
The Company recorded revenue of RUB 49.0 billion and EBITDA of RUB 7.3 billion for the year ended 31 December 2016.
Etalon Group Limited's GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.

This information is provided by RNS
The company news service from the London Stock Exchange
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