20 Oct 2015 09:52
PIK GROUP 3Q2015 Trading Update
MOSCOW, October 20, 2015 - PIK Group (LSE: PIK) released today its trading update for the nine months ended September 30, 2015. The operational and financial data are based on management assessment only and have not been reviewed by external auditors.
9M2015 key operational highlights:
· Total cash collections increased by 16.2% to RUB 45.5 billion (9M2014: RUB39.1 billion).
- Cash collections from sale of real estate to individuals increased by 13.2% to RUB 35.3 billion (9M2014: RUB 31.2 billion)
- Cash collections from construction services and others increased by 31.8% to RUB 10.1 billion (9M2014: RUB 7.7 billion)
· New sales contracts to customers increased by 12.2% to 406 th. sqm.(9M2014: 362 th. sq. meters) due to higher new sales launches and introduction of new types of buildings to the market.
· In 9M2015, PIK launched sales at 32 new projects (including 27 project in Moscow Metropolitan Area) compared to 37 and 30 new projects respectively in 9M2014. New sellable area in the buildings put on sale increased by 10.5% to 610 th. sq. meters (9M2014: 552 th. sq. meters).
Table 1 - Cash collections summary
(in RUB MM) | 3Q2014 | 3Q2015 | Change, % | 9M2014 | 9M2015 | Change, % | |||
| |||||||||
TOTAL GROSS CASH COLLECTIONS (1) | 11,889 | 15,510 | 30.5% | 39,143 | 45,484 | 16.2% | |||
Cash collections from sale of real estate(1) | 9,833 | 12,379 | 25.9% | 31,490 | 35,399 | 12.4% | |||
including: | |||||||||
- Cash collections from retail real estate sales | 9,709 | 12,355 | 27.3% | 31,193 | 35,301 | 13.2% | |||
- Cash collections from wholesale real estate sales | 78 | 0 | (100%) | 161 | 0 | (100%) | |||
Cash collections from construction services activities and others | 2,056 | 3,131 | 52.3% | 7,653 | 10,085 | 31.8% | |||
Note: (1) Including offsets with suppliers
Source: Management accounts
Table 2 - New sales contracts to customers
in '000 sq. meters | 3Q 2014 | 3Q 2015 | Change, % | 9M2014 | 9M2015 | Change, % | ||
New sales contracts to customers (1) | 144 | 178 | 23.6% | 362 | 406 | 12.2% | ||
including: | ||||||||
New retail sales contracts to customers | 144 | 178 | 23.6% | 360 | 406 | 13.1% | ||
Value of retail contracts for apartments and ground floors(in RUB mn) | 12,381 | 16,286 | 31.5% | 31,646 | 36,240 | 14.5% | ||
Note: including contracted retail and wholesales
Source: Management accounts
Table 3 - Pre-sales launches summary table
No. of buildings | 9M2014 | 9M2015 | Change,% | |
Number of buildings launched for sale | 37 | 32 | (5) | |
New sellable area, 000' sqm | 552 | 610 | 10.5% |
Source: Management accounts
Enquiries:
PIK Group
Investors | Media |
Polina Kurshetsova | Natalia Mikhna |
Tel: +7 495 505 97 33 ext. 1157 / 1315 | Tel: +7 495 505 97 33 ext. 1403 |
E-mail: ir@pik.ru | E-mail: pressa@pik.ru |
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. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," or the negative of such terms or other similar expressions. 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, including, among others, general economic and market conditions, PIK Group's competitive environment, risks associated with operating in Russia, rapid market change, and other factors specifically related to PIK Group and its operations.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of PIK Group, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of PIK Group.
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