11 Dec 2014 08:48
PIK GROUP APPROVES NEW STRATEGY FOR 2015-2017
Moscow, December 11, 2014 - PIK Group (LSE: PIK), one of the leading Russian residential developers, announces that PIK's Board of Directors approved Group's mid-term strategy for the years 2015-2017.
PIK Group's main strategic goals:
To become the leading full-cycle developer with a business-model based on contemporary and effective management principles. To be a leader in the mass-market residential housing segment in Russia with a diversified and high-quality land bank.
PIK Group's strategic objectives for the years 2015-2017:
1. To become a leader in terms of quality and cost in the industrial and poured concrete housing construction in Russia.
· PIK Group is creating a fundamentally new industrial housing product. First generation of this product is expected to be launched in 2015, followed by the second generation in 2016 and the third in 2017;
· The upgrade of industrial housing manufacturing facilities at PIK-Industry should be completed by the end of 2015;
· The Group plans to build a new high-performance production facility in New Moscow with the annual manufacturing capacity of 350-400 th.sq. meters of industrial housing;
· An exclusive poured concrete product is being developed, which should become Russia's benchmark in terms of construction cost, marketing potential, consumer and visual qualities;
· By 2017, the Group targets an equal share (50/50%) of industrial and poured concrete products in the affordable housing construction in the Moscow Metropolitan Area.
2. Expand PIK Group's development business in the most lucrative and fast-growing regions of Russia.
· Increase Group's market presence in the affordable housing segment in Moscow.
· By 2017, PIK Group should become one of Russia's leading developers in terms of income from its regional operations. At the same time, 40% of Group's income should come from projects in Moscow and New Moscow, 35% - from projects in the Moscow region, 25% - from regional projects.
3. Land bank diversification and expansion to the level which supports doubling from the current level of EBITDA from development in 2017 and beyond.
4. Enhance Group's performance and competitiveness by applying contemporary corporate management principles.
5. Further capitalize on the PIK Group brand by maintaining the reputation of a reliable and socially responsible developer.
Enquiries:
PIK Group
Investors | Media |
Andrey Machanskis | Natalia Mikhna |
Head of Investor Relations | Public Relations |
Tel: +7 495 505 97 33ext. 1157 / 1315 | Tel: +7 495 505 97 33ext. 1403 |
E-mail: ir@pik.ru | E-mail: pressa@pik.ru |
Forward-looking statements
Some of the information in this press release may contain guidance, projections or other forward-looking statements regarding future events or the future financial performance of PIK Group. These statements are only predictions and actual events or results may differ materially. PIK Group 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 Group's projections, guidance or forward-looking statements.