REG - Etalon Group PLC - Etalon Group Board of Directors Meeting Results

EtalonAnnouncement

30/09/2019 07:30

RNS Number : 0961O
Etalon Group PLC
30 September 2019
 


30 September 2019
 
Etalon Group Board of Directors Meeting Results
 
The Board of Directors of ETALON GROUP PLC ("Etalon Group" or the "Company"), one of Russia's largest and longest-established development and construction companies, held a meeting on 27 September 2019 in Limassol, Cyprus.
 
At the meeting, the Board of Directors reviewed the status of integration of the Etalon Group Moscow business with Leader-Invest, as well as the enlarged Etalon Group's draft 2024 strategy. The Board of Directors approved the full transition to a unified Etalon Group brand in Moscow starting from October 2019. It also instructed the Strategy Committee to finalise the strategy, taking into account the Board of Directors' recommendations, and to present Etalon Group's updated strategy to the investment community before the end of 2019.
 
Also at the meeting Oleg Mubarakshin requested to be relieved of his role as Chairman of the Board of Directors due to his growing involvement in other projects of Sistema PJSFC, where he holds the position of Managing Partner. The Board of Directors accepted his resignation as Chairman and unanimously elected Sergey Egorov as its new Chairman. Oleg Mubarakshin will continue to perform his duties as a member of the Board of Directors of Etalon Group.
 
In addition, at the meetings of the Committees of the Board of Directors, Sergey Egorov was elected Chairman of the Remuneration and Nomination Committee, and Kirill Bagachenko was elected Chairman of the Strategy Committee. The Strategy Committee also decided to include Artyom Zasursky, Vice President and Head of Strategy at Sistema PJSFC, in the Committee.
 
The new composition of the Board of Directors and its committees, taking into account these changes, is presented below:
 
Board of Directors:
 
·    Sergey Egorov, Chairman of the Board of Directors of Etalon Group, non-executive director
·    Oleg Mubarakshin, non-executive director
·    Kirill Bagachenko, Chief Financial Officer of Etalon Group, executive director
·    Maxim Berlovich, executive director
·    Marina Ogloblina, independent non-executive director
·    Ganna Homenko, independent non-executive director
·    Martin Cocker, independent non-executive director
·    Boris Svetlichny, independent non-executive director
·    Dennis Vinokourov, independent non-executive director
·    Charalampos Avgousti, independent non-executive director
 
Strategy Committee:
 
·    Kirill Bagachenko, Committee Chairman, Chief Financial Officer of Etalon Group, executive director
·    Sergey Egorov, Chairman of the Board of Directors of Etalon Group, non-executive director
·    Oleg Mubarakshin, non-executive director
·    Artyom Zasursky, Vice President and Head of Strategy at Sistema PJSFC
·    Gennadiy Shcherbina, Chief Executive Officer of Etalon Group
·    Maxim Berlovich, executive director
·    Marina Ogloblina, independent non-executive director
·    Dennis Vinokourov, independent non-executive director
 
Remuneration and Nomination Committee:
 
·    Sergey Egorov, Committee Chairman, Chairman of the Board of Directors of Etalon Group, non-executive director
·    Oleg Mubarakshin, non-executive director
·    Ganna Homenko, independent non-executive director
·    Martin Cocker, independent non-executive director
·    Charalampos Avgousti, independent non-executive director
 
Audit Committee:
 
·    Martin Cocker, Committee Chairman, independent non-executive director
·    Boris Svetlichny, independent non-executive director
·    Ganna Homenko, independent non-executive director
 
Disclosure Committee:
 
·    Kirill Bagachenko, Committee Chairman, Chief Financial Officer of Etalon Group, executive director
·    Ksenia Savchuk, Head of PR
 
Curriculum Vitae:
 
Artyom Zasursky
 
Artyom has more than 15 years of experience in senior positions at Sistema PJSFC, including various positions in portfolio companies. Since 2016, Artyom has been a Vice President and Head of Strategy at Sistema PJSFC. Artyom graduated from the Lomonosov Moscow State University in 2001 and has a Ph.D.
 
This and other recent announcements are available on the Etalon Group website: https://www.etalongroup.com/investor-relations/investor-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, Etalon Group is one of Russia's largest development and construction companies. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. With a more than 30-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has commissioned 6.3 million sqm of real estate.
 
Etalon Group's traditionally conservative approach to managing its financial position, solid cash generation and strict working capital management support a secure liquidity position: net cash as of 31 December 2018 was RUB 2.2 billion.
 
The Company is vertically integrated, which helps it to control costs, quality and timing, as well as maintain best-in-class profitability. Etalon Group employs over 5,000 people, and its nationwide sales and marketing network covers 58 Russian cities.
 
In 2019, Etalon Group acquired and consolidated 100% in Leader-Invest, one of Moscow's largest residential developers by size of land bank and number of projects currently available for sale.
 
Etalon Group's total assets, including the aforementioned consolidation and 100% ownership of ZIL-Yug project, comprise 53 projects under development, completed residential and commercial properties, as well as a construction and maintenance division, with total unsold NSA of 4.0 million sqm. Knight Frank valued the Company's total assets at RUB 206,071 million as of 31 December 2018.
 
For the year ended 31 December 2018, Etalon Group's new contract sales totalled 628 ths sqm, or RUB 68,731 million. Deliveries in 2018 amounted to 479 ths sqm.
 
The Company recorded revenue of RUB 72.3 billion and EBITDA of RUB 5.7 billion for the year ended 31 December 2018.
 
Etalon Group's GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.
 




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