LSR : Consolidated Financial Statements for the year, ended 31 December 2023 (IFRS)

PJSC LSR Group

Disclosed Consolidated Financial Statements

for the year ended 31 December 2023

	PJSC LSR Group
Contents
Independent Auditors' Report on the Disclosed Consolidated
Financial Statements	3-4
Disclosed Consolidated Statement of Profit or Loss
and Other Comprehensive Income	5-6
Disclosed Consolidated Statement of Financial Position	7-8
Disclosed Consolidated Statement of Cash Flows	9-10
Disclosed Consolidated Statement of Changes in Equity	11-12
Notes to the Disclosed Consolidated Financial Statements	13-70

2

JSC "Kept"

Naberezhnaya Tower Complex, Block C

10 Presnenskaya Naberezhnaya

Moscow, Russia 123112

Telephone	[phone]
Fax	[phone]

Independent Auditors' Report

on the Disclosed Consolidated Financial Statements

To the Shareholders and the Board of Directors of PJSC LSR Group

Opinion

The disclosed consolidated financial statements, which comprise the disclosed consolidated statement of financial position as at 31 December 2023, the disclosed consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and related notes, are derived from the audited consolidated financial statements of PJSC LSR Group (the "Company") and its subsidiaries (the "Group") for the year ended 31 December 2023.

In our opinion, the accompanying disclosed consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements, in accordance with criteria, established the Note 2(a).

Disclosed Consolidated Financial Statements

The disclosed consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards. Reading the disclosed consolidated financial statements and our report thereon, therefore, is not a substitute for reading the audited consolidated financial statements and our report thereon.

The Audited Consolidated Financial Statements and Our Report Thereon

We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated 15 March 2024. That report also includes the communication of other key audit matters. Key audit matters are those matters that in our professional judgement, were of most significance in our audit of the financial statements for the current period.

Management's Responsibility for the Disclosed Consolidated Financial Statements

Management is responsible for the preparation of the disclosed consolidated financial statements in accordance with criteria, established the Note 2(a).

Audited entity: PJSC LSR Group

Independent auditor: JSC "Kept"

Registration number in the Unified State Register of Legal Entities:

No. 5067847227300

PJSC LSR Group

Independent Auditors' Report on the Disclosed Consolidated Financial

Statements

Page 2

Auditors' Responsibility

Our responsibility is to express an opinion on whether the disclosed consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), "Engagements to Report on Summary Financial Statements."

Igor Anatolievich Yagnov

Principal registration number of the entry in the Register of Auditors and Audit Organizations No 21906109192, acts on behalf of the audit organization based on the power of attorney No. 421/22 as of 1 July 2022

JSC "Kept"

Principal registration number of the entry in the Register of Auditors and Audit Organizations No. 12006020351

Moscow, Russia

15 March 2024

PJSC LSR Group Disclosed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2023

mln RUB	Note	2023		2022
Revenue	12	236,197	139,662
Cost of sales		(141,294)	(80,288)
Gross profit		94,903	59,374
Distribution expenses		(12,170)	(10,301)
Administrative expenses	7	(17,873)	(14,146)
Share of loss of equity-accounted investees
(net of income tax)	15	(70)	(45)
Other income	8	636	62
Other expenses	8	(2,891)		(547)
Results from operating activities		62,535	34,397
Finance income	10	2,630	2,359
Finance costs	10	(23,501)		(17,878)
Profit before income tax		41,664	18,878
Income tax expense	11	(13,321)	(5,515)
Profit for the year		28,343	13,363
Other comprehensive income / (loss)
Items that are or may be reclassified subsequently to profit
or loss:
Foreign currency translation differences		840		(897)
Total comprehensive income for the year		29,183		12,466

5

The disclosed consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the notes to, and forming part of, the disclosed consolidated financial statements set out on pages 13 to 70.

PJSC LSR Group

Disclosed Consolidated Statement of Financial Position as at 31 December 2023

mln RUB	Note	31 December 2023		31 December 2022
ASSETS
Non-current assets
Property, plant and equipment	13	37,856	30,907
Intangible assets	14	3,585	4,252
Equity-accounted investees	15	2,551	405
Other investments	16	1,059	487
Deferred tax assets	17	3,547	3,975
Trade and other receivables	19	93		537
Total non-current assets		48,691	40,563
Current assets
Other investments	16	4,682	3,832
Inventories	18	261,585	255,604
Contract assets, trade and other receivables	19	109,137	91,108
Cash and cash equivalents*	20	51,506		25,109
Total current assets		426,910		375,653
Total assets		475,601	416,216

• In Cash and cash equivalents is not included cash received to escrow accounts by the authorized bank from the accounts owners (the real estate buyers). This cash on escrow accounts was received as the settlement of the share participation agreements' price in the amount of RUB 121,024 million as at 31 December 2023 (31 December 2022: RUB 76,529 million).

7

The disclosed consolidated statement of financial position is to be read in conjunction with the notes to, and forming part of, the disclosed consolidated financial statements set out on pages 13 to 70.

PJSC LSR Group

Disclosed Consolidated Statement of Financial Position as at 31 December 2023

mln RUB	Note	31 December 2023		31 December 2022
EQUITY AND LIABILITIES
Equity	21
Share capital		35	35
Treasury shares		(2,628)	(20,947)
Share premium		26,408	26,408
Additional paid-in capital		16,847	16,852
Foreign currency translation reserve		362	(478)
Retained earnings		77,614	74,874
Total equity attributable to the shareholders of
the Company		118,638	96,744
Non-controlling interest		36		57
Total equity		118,674	96,801
Non-current liabilities
Loans and borrowings	23	197,402	114,055
Deferred tax liabilities	17	7,499	5,206
Trade and other payables	25	27,617	19,268
Provisions	24	49	29
Total non-current liabilities		232,567	138,558
Current liabilities
Loans and borrowings	23	26,733	101,033
Contract liabilities, trade and other payables	25	73,555	64,777
Provisions	24	24,072	15,047
Total current liabilities		124,360	180,857
Total liabilities		356,927	319,415
Total equity and liabilities		475,601	416,216

8

The disclosed consolidated statement of financial position is to be read in conjunction with the notes to, and forming part of, the disclosed consolidated financial statements set out on pages 13 to 70.

			PJSC LSR Group
Disclosed Consolidated Statement of Cash Flows for the year ended 31 December 2023
	Note
mln RUB		2023	2022
OPERATING ACTIVITIES
Profit for the year		28,343	13,363
Adjustments for:
Depreciation and amortisation	13, 14	1,905	1,863
Gain on disposal of property, plant and equipment		(150)	(56)
Loss on deconsolidation of subsidiary and impairment loss	8, 18	9,984	-
Equity-settledshare-based payment		2,572	978
Loss of equity-accounted investees, net of income tax	15	70	45
Portion of excess of fair value over purchase price of assets		1	2
Capitalised interest, including significant financing component in
respect of prepayments from customers, recognized in cost of sales		3,278	2,306
Significant financing component in respect of prepayments from
customers and benefit of escrow loans recognised in revenue	12	(9,034)	(4,972)
Net finance costs	10	20,871	15,519
Income tax expense	11	13,321	5,515
Operating profit before changes in working capital and
provisions		71,161	34,563
Increase in inventories net of non-cash items		(2,359)	(53,288)
Increase in contract assets, trade and other receivables		(24,060)	(34,277)
Increase in contract liabilities, trade and other payables		10,748	1,902
Increase in provisions		525	49
Cash flows from / (utilised by) operations before income taxes
and interest paid		56,015	(51,051)
Income taxes paid		(10,216)	(6,508)
Interest paid		(15,981)	(13,002)
Cash flows from / (utilised by) operating activities*		29,818	(70,561)
For reference:
Cash flows from / (utilised by) operating activities, including cash
on escrow accounts		74,313		(39,049)

• In Cash flows from operations is not included cash received to escrow accounts by the authorized bank from the accounts owners (the real estate buyers). This cash on escrow accounts was received as the settlement of the share participation agreements' price during the year ended 31 December 2023 in the amount of RUB 44,495 million (year ended 31 December 2022: RUB 31,512 million).

9

The disclosed consolidated statement of cash flows is to be read in conjunction with the notes to, and forming part of, the disclosed consolidated financial statements set out on pages 13 to 70.

				PJSC LSR Group
Disclosed Consolidated Statement of Cash Flows for the year ended 31 December 2023
	Note
mln RUB		2023	2022
INVESTING ACTIVITIES
Proceeds from disposal of non-current assets		320	152
Interest received		1,285	1,324
Acquisition of property, plant and equipment		(10,448)	(5,371)
Acquisition of intangible assets		(61)	(23)
Acquisition of equity-accounted investees	15	(2,216)	-
Originated loans		(3,657)	(5,971)
Loans repaid		2,405	822
Cash flows utilised by investing activities		(12,372)	(9,067)
FINANCING ACTIVITIES
Proceeds from borrowings	23	236,413	221,702
Proceeds from bonds	23	7,000	-
Repayment of borrowings	23	(220,377)	(162,480)
Repayment of bonds	23	(5,200)	(6,762)
Payment of land lease liabilities	27	(1,380)	(1,437)
Payment for treasury shares acquired		(241)	(1,150)
Dividends paid		(7,842)	-
Acquisition of minority interest		(25)		(138)
Cash flows from financing activities		8,348		49,735
Net increase / (decrease) in cash and cash equivalents		25,794	(29,893)
Cash and cash equivalents at the beginning of the year		25,109	55,472
Effect of exchange rate fluctuations on cash and cash equivalents		603		(470)
Cash and cash equivalents at the end of the year	20	51,506		25,109

10

The disclosed consolidated statement of cash flows is to be read in conjunction with the notes to, and forming part of, the disclosed consolidated financial statements set out on pages 13 to 70.