PIK.L Regulatory News (PIK)

15 Jun 2007 11:45

PIK Group15 June 2007 THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA PIK GROUP PIK GROUP ACQUIRES NEW MOSCOW DEVELOPMENT SITE (LONDON, 14 June 2007) - PIK Group (LSE: PIK), one of Russia's leadingresidential real estate developers, today announced the acquisition of land plotin the north-eastern part of Moscow. The size of the land area is approximately 2.6 hectares. PIK plans to redevelopthe area for residential housing and construct up to 60,000 square meters ofhousing. Commenting on today's announcement, Kirill Pisarev, CEO of PIK said: "This transaction is in line with our business strategy, which contemplatescontinued replacement and enlargement of our large and diversified land bank. Wesee strong demand for residential housing in Moscow and this acquisition enablesus to maintain our pipeline of projects in Russia's key real estate market, byproviding the necessary land for development. We are pleased to complete thistransaction." - END - Enquiries: PIK Group Tel: +7 (495) 291-67-54Viktor Szalkay Citigate Dewe Rogerson Tel: +44 20 7638 9571David Westover Tom BaldockMarina Zakharova NOTES TO EDITORS PIK Group Overview Founded in 1994, PIK is one of the leading vertically integrated residentialdevelopers in Russia with over 14,000 employees across the country. Its businessactivities are concentrated in Moscow and the Moscow region with an increasingfootprint in many of Russia's other regions. Its principal activity is thedevelopment, construction and sale of residential properties in large scaledevelopments targeted primarily at the middle income housing market in Russia. PIK's core activities include: • development of residential real estate projects and sales of completed units, including servicing and maintenance of residential real estate developed by PIK and other developers; • production and assembly of concrete panel housing in Moscow as a subcontractor for the Moscow city government; and • production and sale of raw materials and construction materials. The last three years between 2004 and 2006, PIK has completed over 2.5 millionsquare meters of residential housing and over 36,000 residential units inRussia, including over 1.2 million square meters and over 17,000 residentialunits in 2006 alone. Group Financial Summary Revenue for 2006 rose by 90% and equalled US$ 1,546 million, while EBITDA for2006 amounted to US$ 486 million. Net profit was US$ 298 million in 2006compared to US$ 20 million in 2005. This information is provided by RNS The company news service from the London Stock Exchange