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PIK Group

October 16, 2008

PIK Group announces summary of residential cash collections for the 9 months ended 30 September 2008

(LONDON, 16 October2008) - PIK Group (LSE: PIK), one of Russiaís leading residential real estate developers, today announces a summary of cash collections for the nine months ended September 30 2008, based upon unaudited management accounts.

Total cash collections for the period were up by 53% from $1,280m to $1,962m, driven primarily by the Companyís core residential activities, where collections grew by 78%, from $865m to $1,544m.

Residential cash collections in Q3 2008 have remained strong, growing by 54% compared to Q3 2007 to approximately $545m.

A more detailed breakdown is provided in the table below.

 

(US$ in million)

 

 

6M07

YTD

6M08

YTD

Change

%

 

9M07

YTD

9M08

YTD

Change

%

 

 

 

 

 

 

 

 

 

Total cash collections

 

720

1 255

+74%

 

1 280

1 962

+53%

Including:

 

 

 

 

 

 

 

 

Cash collection from sale of residential real estate

 

510

999

+96%

 

865

1 544

+78%

Cash collection from other activities

 

210

256

+22%

 

415

418

+0,7%

 

Important note: The Groupís reporting currency is Russian roubles. However, for presentation purposes, these amounts were converted into US$ using average RR/US$ exchange rate of the Central Bank of Russian Federation (6M08, 9M08: 24.0642; 6M07, 9M07: 25.8943).

 

 

 

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