Group Board of Directors Meeting ResultsSource: RNS
3 May 2022
Group Board of Directors Meeting Results
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 latest meeting of the Board of Directors, held on 29 April 2022.
In line with the approved dividend policy, which establishes the deadline for considering dividend payments as not later than 31 May of the year following the reporting period, the Board of Directors at its meeting considered the matter of dividend payments for 2021 in line with the time frames set out in the dividend policy.
The Board of Directors took into account the fact that, at the present time, due to the challenging geopolitical circumstances, certain sanctions provisions and mutual restrictions, including with respect to distribution of funds through international payment and clearing systems, could have a significant impact on the Company's ability to pay out dividends in line with its existing dividend policy in respect of all groups of shareholders of the Company. Based on the principle of equal treatment of all shareholders, the Board of Directors decided to postpone consideration of the matter of dividend payments for 2021 until constraints currently in force are removed.
This and other recent announcements are available on the Etalon Group website: https://www.etalongroup.com/investor-relations/investor-news/
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About Etalon Group
Founded in 1987, Etalon Group is one of the largest development and construction companies in Russia. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. In 2021, the Company began a regional expansion programme and has already launched new projects in Omsk, the Novosibirsk region as well as Ekaterinburg and Tyumen. With a 35-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 7.9 mln sqm of real estate.
Thanks to its integrated business model, Etalon Group is able to create added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs over 4,600 people, and its nationwide sales and marketing network covers 59 Russian cities.
Etalon Group's assets comprise 27 projects at the design and construction stages, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 6.0 mln sqm, as well as a construction and maintenance division. Colliers International valued the Company's total assets at RUB 270 billion as of 31 December 2021.
In 2021, Etalon Group's new contract sales totalled 446 ths sqm, or RUB 84.4 billion. The Company's revenue in 2021 amounted to RUB 87.1 billion, with EBITDA of RUB 17.9 billion.
Etalon Group's GDRs have traded on the Main Market of the London Stock Exchange since 20 April 2011 and in the Level 1 quotation list of Moscow Exchange since 31 January 2020 under the ticker ETLN.