– CYPRUS, Nicosia / RUSSIA – Etalon Group Plc (LON:ETLN | FRA:2ET), one of Russia’s largest and longest-established development and construction companies, announces that its Board of Directors has accepted the resignation of Dmitry Kashinsky, who has requested the early termination of his positions as Chief Executive Officer and as a member of the Board of Directors of Etalon Group.
The Board of Directors unanimously approved Gennadiy Shcherbina as the Company’s new CEO. Gennadiy Shcherbina has worked at Etalon Group since 2003 and has held various management positions in the Company’s subsidiaries. In 2007 he was appointed as the head of Etalon LenSpetsSMU, Etalon Group’s key business unit in St Petersburg. He joined the Etalon Group Management Board in April 2018.
Commenting on the new appointment, Etalon Group Board of Directors Chairman Viacheslav Zarenkov said: “I want to thank Dmitry Kashinsky for his work at the Company and his contribution to Etalon Group’s development. Under his leadership as CEO, and as COO before that, the Company successfully overhauled its sales system, made significant organisational changes aimed at improving efficiency and achieved record operating results for both FY 2017 and 9M 2018.
“I am happy to welcome Gennadiy Shcherbina to the position of CEO of Etalon Group. In his years as the General Director of Etalon LenSpetsSMU, the Company’s key business unit, Gennadiy has repeatedly demonstrated his capacity to lead a big business. Under his direction, the Company completed a number of important projects, including comprehensive development projects, that were always delivered on time. This helped the Company to strengthen further its reputation as one of Russia’s most reliable developers. I am confident that in his new role as CEO of Etalon Group, Gennadiy will make a significant contribution to the Company’s development and to strengthening Etalon Group’s positions in Moscow and St Petersburg.”
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 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 inception, Etalon Group has commissioned 5.8 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 2017 was RUB 9.7 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 thousand people, and its nationwide sales and marketing network covers 52 Russian cities.
As of 30 June 2018, Etalon Group’s assets comprised 39 projects and a construction and maintenance division, with a total of 2.73 million sqm of unsold net sellable area. Knight Frank valued the Company’s assets at RUB 132,487 million.
For the year ended 31 December 2017, Etalon Group’s new contract sales totalled 512 ths sqm, or RUB 50,240 million. Deliveries in 2017 amounted to 423 ths sqm.
The Company recorded revenue of RUB 70.6 billion and EBITDA of RUB 13.2 billion for the year ended 31 December 2017.
Etalon Group’s GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.
For more information : www.etalongroup.com
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