Etalon says 2021 cash inflow rises by 3% to 84.1 bln rbl

MOSCOW, Jan 24 (PRIME) -- The cash inflow of Russian real estate developer Etalon Group grew by 3% on the year to 84.1 billion rubles in 2021, the company said in a statement on Monday.

Property sales rose by 6% on the year to a record of 84.4 billion rubles in monetary terms, but in physical terms, the sales contracted by 17% to 446,500 square meters. The average price of residential housing rose by 34% to 238,700 square meters.

The company also quoted CFO Ilya Kosolapov as saying that Etalon had reduced its net corporate debt to 5.1 billion rubles in 2021, with the ratio of net debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) before purchase price allocation standing at 0.2x, while a comfortable level for Etalon is 2–3x. The company’s net cash position is 23.4 billion rubles, Kosolapov said.

Etalon also expanded the property portfolio by almost 2 million square meters in 2021 by doubling its presence in Russia’s regions.

(76.6903 rubles – U.S. $1)

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