12 Jan 2009 12:20
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA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" or "the Company")
PIK ANNOUNCES APPOINTMENT OF NEW CHIEF FINANCIAL OFFICER
(LONDON, 12 January 2009) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, today announces the resignation of Evgeny Luneev as the Company's Chief Financial Officer and the appointment of Anna Kolonchina as his successor. The appointment will take effect from 26 January 2009.
Anna joins PIK Group from Wainbridge Limited, a private investment company based in London. Prior to joining Wainbridge, Anna worked for Deutsche Bank AG for 12 years, in both the Moscow and London offices, most recently as a director of the EMEA Debt Capital Markets department within Global Markets. Anna has over fifteen years experience working in finance. She graduated from Moscow State Finance Academy in 1994 with a Bachelors degree in Economics.
Evgeny leaves the Company after almost 3 years of service as CFO. Evgeny will remain with PIK until 23 January 2009 to ensure an orderly handover of responsibilities. The Board would like to thank Evgeny for his many years of work and his valuable guidance and support, particularly during the Company's IPO in 2007.
Commenting on the developments, Kirill Pisarev, CEO said:
"We are sad to see Evgeny leave after so many years but we respect his decision and look forward to working with Anna. Following the recent years of PIK's rapid growth, the CFO's primary focus has changed in recent months. The Company's overriding priorities are now to reduce Group debt and realign the cost base to meet its 2009 business requirements. Anna has a strong background in debt finance and is very well equipped to guide us through these difficult times."
Enquiries:
Investors | |
PIK Group | Tel: +7 495 505 97 33 ext. 1358 |
Viktor Szalkay | |
Media | |
PIK Group | Tel: +7 495 232 11 22 |
Natalia Konovalova | |
| |
Citigate Dewe Rogerson | Tel: +44 20 7638 9571 |
Tom Baldock | |
Lindsay Noton |
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.
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NOTES TO EDITORS
PIK Group Overview
Founded in 1994, PIK is one of the leading vertically integrated residential developers with presence in over 20 cities across Russia. Its business activities are concentrated in Moscow and the Moscow region with an increasing footprint in many of Russia's other regions. Its principal activity is the development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia.
Since January 1 2004, PIK has completed over 4 million square meters of residential housing, which is equivalent to approximately 58,000 residential units across Russia.
June 1, 2007, the Group completed successful listings on the London Stock Exchange, the RTS and MICEX exchanges in Russia.
PIK Group's website address is: www.pik.ru
Group Financial Summary
Revenue for 2007 rose by 75% and equalled US$2.7 billion, while EBITDA for 2007 amounted to US$939 million. Net profit was US$700 million in 2007 compared to US$ 298 million in 2006.
According to CBRE, an independent appraiser, the combined market value of the Group's properties valued as of January 01, 2008 was $12.3 billion.