History

1987-1990

The Soviet Ministry of Electronics establishes a Special Construction and Maintenance Directorate of “Soyuselectronstroy” (№364-ДСП dd. 01.06.1987) headed by Viacheslav Zarenkov..

The Special Construction and Maintenance Directorate of “Soyuselectronstroy” renamed LenSpetsSMU of “Soyuselectronstroy” (№158-ДСП dd. 11.03.1988).


1990-2000

LenSpetsSMU separates “Soyuselectronstroy” and reorganizes into the private cooperative enterprise (PCE), “LenSpetsSMU”.

PCE “LenSpetsSMU” is reorginized into CJSC LenSpetsSMU (Closed Joint Stock Company Specialized Construction and Assembly Association “LenSpetsSMU”).

LenSpetsSMU performs as general and subcontractor for different customers.


2000

Beginning of credit history: first overdraft from North-West Sberbank obtained.


2001

CJSC “Management company “Etalon” is established. LenSpetsSMU becomes adopts a vertically-integrated model.


2002

LenSpetsSMU commissions the 1st phase of the “Sea Facade” project exceeding the mark of 0.5 mn sq m of delivered housing since its foundation.


2003

CJSC SSMO “LenSpetsSMU” starts the publishing of separate and consolidated financial statements in line with IFRS.


2005

The first domestic bond issue placed (CJSC “CDR” series 01 – 1.0bn RUB with 5 years maturity). Thus, the credit history exceeded 100 mn USD.

LenSpetsSMU commissions the“Novaya Grazhdanka” project exceeding the mark of 1.0 mn sq m of delivered housing since foundation.


2006

LenSpetsSMU becomes the first and only real estate company in Russia to receive a rating from Standard & Poor’s (‘B’ with stable outlook).

The second domestic bond issue placed (CJSC “CDR” series 02 – 1.5bn RUB with 3.5 years maturity).

A 49mn RUB contract signed for the construction and finishing works for a hotel on Vasilyevskiy Island in St. Petersburg.

First mortgage programme is established in partnership with ROSBANK.


2007

LenSpetsSMU doubles the total area of project portfolio compared to 2006 – up to 1.8mn sq m

The first eurobond issue (CLN) placed (100mn USD with 5 years maturity).

LenSpetsSMU commissions the 3rd phase of “Golden Bay” project exceeding the mark of 1.5mn sq m of delivered housing since foundation.


2008

Baring Vostok becomes a cornerstone investor in Etalon Group, taking on a 15% stake.

LenSpetsSMU commissions the outstanding for North-West of Russia volume of 413 000 sq m

LenSpetsSMU is included on the Bank of Russia List of Organizations (list of companies whose bills and indebtedness could be accepted by the Central Bank of Russia as security for credit given to commercial banks).

A new credit line for 15mn USD is obtained through VTB bank, taking the credit history past 500mn USD

The total area of project portfolio reaches 2.4mn sq m

LenSpetsSMU commissions its “Invigorating Stream” project exceeding the mark of 2.0mn sq m of delivered housing since foundation.


2009

In the middle of the global crisis, Standard & Poor’s confirms the rating of LenSpetsSMU four times during the year (‘B’ with stable outlook).

LenSpetsSMU becomes the first real estate company in Russia to go public since the beginning of the global crisis – the third domestic bond issue is placed (CJSC SSMO “LenSpetsSMU” series 01 – 2,0bn RUB with 3 years maturity).

Another industrial construction project is completed – LenSpetsSMU commissions Volkovskaya, a modern substation in St. Petersburg.


2010

The fourth domestic bond issue placed (CJSC SSMO “LenSpetsSMU” series БО-02 – 2.0bn RUB with 3 years maturity).

LenSpetsSMU and Alfa-Bank effect the first Russian deal for 39mn EUR on import and export, financing the construction of building 2 of Jubilee Quarter 78А, a multi-family residential building.

The second eurobond issue (LPN) placed (150mn USD with 5 years maturity). The credit history exceeds 1.0 bn USD.

CJSC SSMO LenSpetsSMU’s bonds series 01 and БО-02 are included in section V.2 of the Bank of Russia Lombard List.

LenSpetsSMU commissions the 1st building of “Jubilee Quarter 75A” project surpassing 2.5 mn sq m of delivered housing since foundation.


2011

Etalon Group successfully completes an IPO on the London Stock Exchange’s main market, raising 575m USD.

LenSpetsSMU signs an agreement to construct an International convention and exhibition center in St. Petersburg.

LenSpetsSMU and Bank of Saint-Petersburg effect another deal for 23mn EUR on import and export financing the construction of building 3 of its Orbit project, a multi-family residential building.


2013

Standard & Poor's Ratings Services raised the long-term corporate credit rating of CJSC SSMO LenSpetsSMU from to ‘B+’ and to ‘ruA+’ on the international and the national scale respectively. Among construction companies in Russia CJSC SSMO LenSpetsSMU still has the highest rating by Standard & Poor’s, becoming the first company in its sector, which received a ranking of the ‘B+’ и ‘ruA+’.

The series 02 CJSC SSMO LenSpetsSMU bond-secured loan totaling RUB 5.0 bn, placed in December 2012, was the company’s first securities placement to be included on the quotation list «A1 » at MICEX Stock Exchange.

As part of loan portfolio optimization and financial risks minimization in 2013, LenSpetsSMU reduced level of short-term and foreign currency borrowings totaling 160 mln USD, including early repayment of Eurobonds, placed in 2010.

Maturity date series 02 bond-secured loan (placed in 2010, totaling 2 bn rub) of CJSC SSMO LenSpetsSMU were repaid, and also fulfilled its obligations on redemption loan indebtedness of Bank St. Petersburg, Globex Bank, Raiffeisendbank, Alfa-Bank.

In 2013 on the territory of St. Petersburg LenSpetsSMU delivered 361.9 thousand sq m including bld 1 and 2 Swallow's Nest (a total of 39.8 thousand sq m and 42.9 thousand sq m respectively). To implement the project in 2012 CJSC SSMO LenSpetsSMU in cooperation with Budostal-3 Export and OJSC Alfa-Bank signed a contract to attract import-export financing in the residential construction segment.


2014

During 2014 the long-term corporate credit rating of CJSC SSMO LenSpetsSMU assigned by the international rating agency Standard & Poor's remains ‘В+’ level, outlook – ‘Stable’.

Etalon Group, which includes CJSC SSMO "LenSpetsSMU", and Sberbank CIB signed a strategic partnership agreement until 2024. The agreement covers a broad range of potential areas, ranging from project finance, funding of investment transactions, mortgage lending to individuals, joint public-private partnerships, as well as industrial and infrastructure construction.

CJSC SSMO "LenSpetsSMU" fulfilled its debt obligations in full and on time, which includes loan agreements with OJSC "Bank "Saint-Petersburg", CJSC "Raiffeisenbank", OJSC "Alfa-Bank", OJSC "Bank ZENIT”. During 2014 under indebtedness redemption were paid USD 18 mn, EUR 48 mn, RUB 1 293 mn.

Series 02 CJSC SSMO LenSpetsSMU bonds were transferred to new listing rules, thereby strengthening the position of the bonds in the highest quotation list of CJSC "MICEX". The total amount of the coupon yield paid during 2014 was equal to RUB 643.2 mn.

CJSC SSMO "LenSpetsSMU" signed new credit agreements totaling RUB 3.6 bn, providing the company's needs for the near future.