(LONDON, 16 October2008) - PIK Group (LSE: PIK), one of Russia’s 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 Company’s 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 Group’s 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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