Dear Shareholders,

I would like to express my sincerest gratitude to all our shareholders and investors for their ongoing support and understanding concerning Etalon's business activities

Chairman of the Board of Directors
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Key Figures

We have been delivering sustainable growth across key performance metrics for more than 30 years.

>30 years
of construction & development experience
6.3 mln sqm
S&P credit rating
3.4 mln sqm
total project portfolio
2.2 RUB bln
Net cash as of 31 December 2018

Value Creation

Our vertically integrated operations enable us to create value for our customers and for shareholders at every stage of the development process, from land plot analysis and acquisition all the way through ongoing maintenance of completed projects.

Effective Profit reinvestment

Our competencies

We have a strong history in effective profit allocation for sustainable growth.

Land plot analysis and acquisition

Our competencies

We only chose projects that provide a strong foundation for the quality products we build for our customers, and that will ensure a high return on invested capital.  

Design and permitting

Our competencies

We have unique expertise in project design thanks to our in-house design institute, science and technology centre, and cooperation with leading architects.

Marketing and ongoing sales

Our competencies

We have a unique regional sales network covering 58 cities, invest in IT solutions, and constantly improve our salesforce practice.

Project management

Our competencies

Our capabilities span from complex, large-scale developments of entire residential districts to industrial construction projects.

Building materials production

Our competencies

Own production facilities allow us to control quality, ensure uninterrupted supply and reduce costs by holding external tenders.

General contracting and subcontracting

Our competencies

Having delivered 6.3 million sqm, we have unique experience in the construction of both residential and industrial projects.

Fitting-out and furnishing

Our competencies

We have experience in offering both various standard fit-outs and the individual fit-out designer options.

Ongoing maintenance

Our competencies

We manage a portfolio of real estate with an area of 4.6 million sqm and 18.4 ths parking spaces.

Effective long-term strategy

Etalon Group’s strategic consistency in the seven years following its IPO delivered excellent results: we more than tripled new contract sales, from RUB 14.1 billion in 2010 to RUB 50.2 billion in 2017

Company History

Over 30 years of successful experience in the Moscow and St Petersburg markets.


Etalon Group receives construction permit and launches sales for its premium-class residential project on Petrovskiy Island in St Petersburg.


Etalon Group set yet another new contract sales record in both RUB and sqm terms. The Board of Directors increased the target dividend payout range to 40%-70% of consolidated net profit. We launched sales at two business-class projects: Botanica in St Petersburg and Silver Fountain in Moscow.


New contract sales reached 496 ths sqm and RUB 47.4 billion, setting new records for annual sales in the Company’s history.


Etalon Group outperformed its guidance despite the challenging macroeconomic environment. The Company began construction of the Golden Star residential complex, which is the Company’s third project in Moscow.


Etalon Group deliveries reach 580 ths sqm, an all-time record for the Company. Etalon Group completes ExpoForum, one of the largest commercial construction projects in St Petersburg.


Etalon Group delivers 468 ths sqm of NSA. The Board of Directors approved a dividend policy, under which the company will aim to pay out between 15% and 30% of IFRS net profit.


Etalon Group completes its post-IPO acquisition programme, acquiring two projects each in the Moscow and St Petersburg Metropolitan Areas. This added another 887 thousand sqm to our landbank, securing Etalon's construction programme through 2017.


Etalon Group successfully completed an IPO, listing GDRs on the Main Market of the London Stock Exchange in April 2011. The IPO raised $575 million and becoming the first real estate company from Russia to go public since 2007.


Etalon Group commences Etalon-City, our second project in the Moscow Metropolitan Area.


Etalon Group acquires a 70% percent stake in LLC Severnaya Vysota I K (currently, UM Etalon), a company engaged in the construction of tower cranes under finance lease contracts, thereby increasing its stake from 30% to 100%.


SPM Zhilstroy is acquired. The company acts as the general contractor for Emerald Hills, Etalon Group's flagship project in the Moscow Metropolitan Area.


20th anniversary. In 2007, Etalon LenSpetsSMU began construction of the residential complex Jubilee Estate, one of its megaprojects and the first integrated urban development project.


Etalon Group expands into the Moscow Metropolitan Area by establishing Etalon-Invest.

Etalon Group becomes the first Russian construction company to get a credit rating from Standard & Poor’s Global Ratings.


First mortgage programme is established in partnership with Rosbank. Etalon Group’s residential real estate delivery volume exceeds 1 mln sqm.

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+44 (0)20 8123 1328

2-4 Arch. Makariou III Avenue,
Capital Center, 9th floor, 1065 Nicosia,