18 Oct 2013 09:21
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND
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INDIRECTLY IN THE UNITED STATES OF AMERICA
PIK GROUP ("The Group" or "PIK")
3Q2013 Trading update
PIK Group announces operational results for the 9 months ended September 30, 2013
(LONDON, October 18, 2013) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, is pleased to publish a trading update for nine months ended September 30, 2013 based upon management accounts.
9 months 2013 key highlights:
· Total net cash collections up by 25.7% to RUB 52.2 billion (9 months 2013: RUB 41.6 billion);
- Cash collections from sale of apartments to individuals increased by 39.3% to RUB 52.2 billion (9 months 2013: RUB 41.6 billion)
- Cash collections from construction services and other activities slightly declined by 8.8% to RUB 8.4 billion (9 months 2013: RUB 9.2 billion);
· New launches consolidated at 33 properties on sale (9 months 2013: 30) of which 23 came from Moscow Metropolitan area, demonstrating a healthy operational run-rate;
· New sales contracts to customers grew to 473 thousand square meters, up by 7.7% yoy driven by underlying fundamental demand for affordable housing;
· Mortgage backed sales continued to rise strongly, reaching 42.2% in 3Q13 on the back of macroeconomic stability and customer confidence; mortgage rates remained stable for the period;
2013 Outlook
Operational environment remains good; PIK corrects its 2013 guidance on new sales contracts to customers between 670,000-690,000 square meters with total gross cash collections of RUB 71-73 billion.
Table 1 - Cash collections summary(1)
(in RUB MM)
| 3Q2013 | 3Q2012 | Change, % | 9 months 2013 | 9 months 2013 | Change, % | ||
TOTAL GROSS CASH(2) COLLECTIONS | 18,299 | 16,293 | 12,3% | 52,248 | 41,962 | 24,5% | ||
TOTAL NET CASH COLLECTIONS(3) | 18,380 | 16,292 | 12,8% | 52,248 | 41,550 | 25,7% | ||
including: Cash collections from residential real estate sales activities including: | 15,287 | 12,782 | 19,6% | 43,693 | 32,335 | 35,1% | ||
- Cash collections from retail real estate sales | 15,032 | 11,527 | 30,4% | 40,911 | 29,369 | 39,3% | ||
Cash collections from construction services activities and others | 2,943 | 3,490 | -15,7% | 8,405 | 9,215 | -8,8% |
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 (total)
000' sqm | 9 months 2013 | 9 months 2012 | Change, % |
Total new real estate sales contracts to customers(1) | 473 | 439 | 7,7% |
Note: (1) including contracted retail and wholesales
Source: Management accounts
Table 3 - New sales contracts to customers by region (1)
000' sqm | 9 months 2013 | 9 months 2012 |
Moscow | 103 | 114 |
New Moscow | 18 | 28 |
Moscow region | 262 | 218 |
Other regions | 90 | 79 |
Total | 473 | 439 |
Note: (1) including contracted retail and wholesales
Source: Management accounts
Table 4 - Pre-sales launches summary table
No. of buildings | 9 months 2013 | 9 months 2012 | Change | ||
Number of addresses put on sale | 33 | 30 | +3 |
Source: Management accounts
Table 5 - 9 months 2013 pre-sales launches (detailed summary)
Project | Location | Start of sales |
Buninsky | Moscow | |
- bldg 11 | February 2013 | |
- bldg 14 | February 2013 | |
- bldg 8 | March 2013 | |
Grand Kuskovo | Moscow | |
- bldg 3 | May 2013 | |
- bldg 8 | September 2013 | |
Mironovsky | Moscow | |
- bldg 2 (parking) | August 2013 | |
Putilkovo | Moscow region | |
- bldg 37 | March 2013 | |
- bldg 38 | March 2013 | |
Khimki, 'Levoberegny' | Moscow region | |
- bldg 10 | September 2013 | |
- bldg 16 | August 2013 | |
- bldg 19 | August 2013 | |
Drozhino | Moscow region | |
- bldg 3 | January 2013 | |
- bldg 4 | March 2013 | |
- bldg 2B | August 2013 | |
- bldg 14 | August 2013 | |
Mytischi 'Yaroslavsky' | Moscow region | |
- bldg 25 | February 2013 | |
- bldg 26 | February 2013 | |
- bldg 65 (parking) | April 2013 | |
Dolgoprudny | Moscow region | |
- townhouses | January 2013 | |
Dmitrov, 'Moskovsky' | Moscow region | |
- bldg 1 | January 2013 | |
Zheleznodorogny, 'Centre - 2' | Moscow region | |
- bldg 302 | May 2013 | |
Lyubertsi, 'Red Hills' | Moscow region | |
- bldg 72 | September 2013 | |
- bldg 72A | September 2013 | |
Kaluga | Central Russia | |
- Dmitrova st., bldg 1 | July 2013 | |
Yaroslavl | Central Russia | |
- "Sokol", bldg 17 | March 2013 | |
- "Sokol", bldg 5 | January 2013 | |
- "Bragino", bldg 4 | March 2013 | |
- Moscovskiy pr-t, bldg 104 | August 2013 | |
Perm, 'Griboedovsky' | Central Russia | |
- bldg 2 | May 2013 | |
Novorossiysk, 'Picadilly' | Southern Russia | |
- bldg 1 | June 2013 | |
- bldg 4 | August 2013 | |
- bldg 15 | July 2013 | |
Rostov on Don | ||
- 'Temernik' (renewal) | July 2013 |
Source: Management accounts
Table 6 - Share of mortgage funded retail sales
000' sqm | 1Q12 | 2Q12 | 3Q12 | 4Q12 | 1Q13 | 2Q13 | 3Q2013 | |
Share of sales funded by mortgages (1) | 28.5% | 27.3% | 29.0% | 29.2% | 34.6% | 39.2% | 42.2% |
Note: (1) Based upon monthly averaged data upon retail sales, calculated as per flats only
Source: Management accounts
Table 7 - New sales contracts to retail customers (contracted retail volume)
New sales contracts to customers | 3Q2013 | 3Q2012 | Change % | 9 months2013 | 9 months2012 | Change % |
| |||||||
Value, apartments and ground floors (in RUB MM) (1) | 16,141 | 12,360 | 30,6% | 42,316 | 31,084 | 36,1% | ||||||||
size (in thousand sqm) (2) | 178 | 142 | 25,4% | 467 | 377 | 23,9% | ||||||||
Notes: (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
Investor relations
Tel: +7 495 505 97 33 ext. 1358 / 1315
Media
Natalia Ivanova Tel: +7 495 505 97 33 ext. 1010 /1014