22 Apr 2013 07:00
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR
INDIRECTLY IN THE UNITED STATES OF AMERICA
PIK GROUP ("The Group" or "PIK")
1Q 2013 Trading Update
STRONG DEVELOPMENT PIPELINE AND MORTGAGE TAKE-UP
SUPPORT FURTHER SALES GROWTH IN Q1
(LONDON, April 22 2013) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, is pleased to publish today a trading update for the three months ended March 31, 2013 based upon management accounts.
1Q2013 key operational highlights:
·; Total gross cash collections grew by 40.1% to RUB17.5 billion (1Q12: RUB12.5 billion);
- Cash collections from sale of apartments to individuals rose by 41.5% to RUB13.2 billion (1Q12: RUB10.0 billion) driven by the combination of sales price and volume growth;
- Cash collections from construction services were up by 10.3% to RUB2.5 billion (1Q12:RUB2.3 billion);
·; Total new sales contracts to customers grew by 19.5% to 153,000 sq. meters (1Q12: 128,000 sq. meters), driven by accelerating fundamental demand for affordable housing in Russia;
·; In the first three months of the year, PIK released 14 new buildings for sale (1Q12: 9) of which 11 are located in the Moscow Metropolitan Area (MMA);
·; Mortgage backed sales rose to 34.6% in 1Q13 on the back of macroeconomic stability and consumer confidence towards mortgages;
Table 1 - Cash collections summary (1)
(in RUB MM) | FY2012 | 1Q2012 | 1Q2013 | Change, % | |||
TOTAL GROSS CASH COLLECTIONS (2) | 67,475 | 12,517 | 17,533 | 40.1% | |||
TOTAL NET CASH COLLECTIONS(3) | 66,691 | 12,344 | 17,452 | 41.4% | |||
including: | |||||||
Cash collections from residential real estate sales activities | 52,296 | 10,017 | 14,940 | 49.2% | |||
including: | |||||||
- Cash collections from retail real estate sales | 44,839 | 9,356 | 13,234 | 41.5% | |||
Cash collections from construction services activities and others | 14,395 | 2,290 | 2,526 | 10.3% |
Note:(1) In line with PIK's accounting standards, these cash collections will be recognized as sales revenue once the residential real estate properties have been completed and third party acceptance acts (formal building certification provided by authorities) are received upon the completed unit
(2) Including offsets with suppliers
(3) Excluding offsets with suppliers
Source: Management accounts
Table 2 - New sales contracts to customers
000' sqm | FY2012 | 1Q2012 | 1Q2013 | Change, % | |
Total new sales contracts to customers(1) | 658 | 128 | 153 | 19.5% |
Note: (1) including contracted retail and wholesales
Source: Management accounts
Table 3 - Pre-sales launches summary table
No. of buildings | FY2012 | 1Q2012 | 1Q2013 | Change | ||
Number of projects launched on sales | 41 | 9 | 14 | +5 |
Source: Management accounts
Table 4 - 1Q2013 pre-sales launches detailed summary
Project | Location | Start of sales |
Buninsky | Moscow | |
- bldg 11 | February 2013 | |
- bldg 14 | February 2013 | |
- bldg 8 | March 2013 | |
Putilkovo | Moscow region | |
- bldg 37 | March 2013 | |
- bldg 38 | March 2013 | |
Drozhino | Moscow region | |
- bldg 3 | January 2013 | |
- bldg 4 | March 2013 | |
Mytischi 'Yaroslavsky' | Moscow region | |
- bldg 25 | February 2013 | |
- bldg 26 | February 2013 | |
Dolgoprudny | Moscow region | |
- townhouses | January 2013 | |
Dmitrov, 'Moscovsky' | Moscow region | |
- bldg 1 | January 2013 | |
Yaroslavl | Central Russia | |
- "Sokol", bldg 17 | March 2013 | |
- "Sokol", bldg 5 | January 2013 | |
- "Bragino", bldg 4 | March 2013 |
Source: Management accounts
Table 5 - Share of mortgage funded retail sales
000' sqm | 1Q12 | 2Q12 | 3Q2012 | 4Q2012 | 1Q2013 | |
Share of sales funded by mortgages (1) | 28.5% | 27.3% | 29.0% | 29.2% | 34.6% |
Note: (1) Based upon monthly averaged data upon retail sales, calculated as per flats only
Source: Management accounts
Table 6 - New sales contracts to retail customers (contracted retail volume)
New sales contracts to customers | FY2012 | 1Q2012 | 1Q2013 | Change % | |||||
Value, apartments and ground floors (in RUB MM)(1) | 44,666 | 8,954 | 14,116 | 57.7% | |||||
Volume (in thousand sqm)(2) | 531 | 121 | 152 | 25.6% | |||||
Note: (1) unit is equivalent to aggregated amount of flats, ground floors and parking lots
(2) size is taken for flats and ground floors
Source: Management accounts
Enquiries:
PIK Group
Investors
Viktor Szalkay Tel: +7 495 505 97 33 ext. 1358 / 1315
Media
Natalia Ivanova Tel: +7 495 505 97 33 ext. 1010 /1014