Setl Group Publishes IFRS Financial Results for 2017

03.05.2018

In 2017, the revenue of the Setl Group holding company under IFRS increased by 62.4% as compared to 2016 and amounted to 99.7 billion rubles.

EBITDA calculated as net profit before income tax, depreciation and interest amounted to 10.3 billion rubles and increased by 29.3% as compared to 2016.

The increase in the financial performance of the holding company under IFRS was influenced by the increase in the volume of operating activity in 2017: the increase in the volume of Setl Group's commissioning in terms of the total area of the sites was 28% (1.22 million sq. m versus 0.95 million sq. m a year before); the holding company's sales in monetary terms increased by 9%.

The increase in the holding company’s financial performance was also influenced by the application of the new IFRS statements preparation standard. Starting from January 1, 2017, the Group has adopted ahead of schedule IFRS 15 "Revenue from Contracts with Customers". The main change concerns the timing of recognizing revenue under co-investment agreements: previously, revenue was recognized after the commissioning of a site, while in the new reporting period it has been recognized as the site was completed, similarly to contractor agreements.

The audit of the statements has been conducted by KPMG.