Moscow, March 31, 2016 - PIK Group (LSE: PIK), (“The Group” or “PIK”), one of the leading Russian residential developers, today announces its audited Consolidated Financial Statements prepared in accordance with IFRS, for the year ended December 31, 2015.
2015 Financial Highlights:
- Total revenue decreased by 16.5% to RUB 51.1 billion (2014: RUB 61.3 billion); revenue from sale of apartments decreased by 20.9% to RUB 42.9 billion (2014: RUB 54.3 billion);
- Gross profit margin amounted to 34.5% (2014: 26.2%). Gross profit margin in the Real Estate Development segment amounted to 38.9% (2014: 27.2%);
- Adjusted EBITDA increased by 9.5% to RUB 13.7 billion (2014: RUB 12.5 billion). Adjusted EBITDA margin amounted to 26.8% (2014: 20.4%);
- Net profit for the year increased and amounted to RUB 11.4 billion (2014: RUB 3.8 billion);
- Free cash flow decreased by 9.5% to RUB 8.7 billion (2014: RUB 9.6 billion);
- Net debt as at December 31, 2015 was negative and amounted to RUB 3.9 billion (2014: positive net debt RUB 10.2 billion);
- Transfers of apartments to customers decreased by 24.4% to 487 th. square meters (2014: 644 th. square meters).
2015 Operational Highlights:
- Total cash collections increased by 11.4% to RUB 68.7 billion (2014: RUB 61.7 billion)
- Cash collections from sale of real estate increased by 7.9% to RUB 55.0 billion (2014: RUB 51.0 billion);
- Cash collections from construction services and others were up by 28.0% to RUB 13.7 billion (2014: RUB 10.7 billion);
- New sales contracts to customers increased by 0.8% and amounted to 625 th. sq. meters (2014: 620 th. sq. meters).
- In 2015, PIK put on sale 50 new buildings compared to 43 buildings in 2014. New sellable area in the buildings put on sale rose by 40.8% to 908 th. sq. meters (2014: 645 th. sq. meters)
- Share of mortgage backed sales in 2015 increased by 2.9 p.p and totaled 39.1% (2014: 36.2%)
- PIK’s average selling prices in 2015 stayed flat in Moscow and the Moscow region and decreased 6% in other regions.
Additional documents:
The Audited Consolidated Financial Statements, prepared in accordance with IFRS, for the year ended December 31, 2015 can be found under the following link
Conference Call Dial-In Details:
PIK Group’s Management will host a conference call for investors and analysts followed by a Q&A session.
Date: Thursday, March 31, 2016
Time: 15:00 Moscow / 13:00 London / 8:00 New York
Title: PIK Group 2015 IFRS Results
Main Conference ID (Russian line): 3020254
Secondary Conference ID (English line): 8457289
Domestic line: +7 (499) 922-39-67
UKinternational tel.: +44 20 3427 1902
Enquiries:
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Investors |
Media |
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Polina Kurshetsova |
Natalia Mikhna |
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Tel: +7 495 505 97 33 ext. 3785 |
Tel: +7 (909) 913 14 70 |
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E-mail: ir@pik.ru |
E-mail: pressa@pik.ru |
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