Setl Group Published IFRS Financial Results for the 1st Half of 2018
2018 august 30
At the end of the 1st half of 2018, the gross earnings of the Setl Group holding was 7.2 billion, which is 45% higher than in the similar period of the last year; the net profit increased by 55% against the 1st half of 2017, exceeding 1.5 billion rubles. The revenue of Setl Group at the end of the 1st half of 2018 was 31.9 billion rubles. The year-over-year EBITDA index increased by 28.4%, making 11.96 billion rubles in the period from July 1, 2017 till June 30, 2018. The Debt/EBITDA ratio on the annual basis was 1.24x against 1.27x at the end of 2017. The growth of the gross earnings and EBITDA reflects the overall growth of the rate of return in the holding’s business; at the end of the 1st half of 2018, the gross rate of return was 22.5% against 17.4% at the end of 2017. In the first half-year, the sales of Setl Group as compared to the similar period of the last year increased by 12.1% in terms of money, reaching 32.26 billion rubles. Please be reminded that starting from the reporting for 2017, the Setl Group holding has been using a new reporting standard, i.e. IFRS 15 “Revenue from Contracts with Customers”. The main change relates to the time of recognition of revenues under co-investment agreements; previously, the revenue was recognized after the actual commissioning of a facility, and in the new reporting period, as soon as the facility is ready, similar to construction contracts. The comparative figures for the 1st half of 2017 are presented with recalculation to the new standard. An assessment review of the reporting was made by AO KPMG.
Companies of Setl Group holding