PIK SEES CONTINUED MOMENTUM AS NEW SALES RISE 18%
Russia’s leading developer of affordable residential housing sees rising demand lift residential property prices
(LONDON, September 18 2012) - PIK (LSE: PIK), a leading Russian residential developer, today announces its consolidated IFRS financial results for 6 months ended June 30 2012.
- Total revenues reached RUB15.1 billion (1H11: RUB22.8 billion), the fall compared to 1H11 reflecting a strong second half bias in 2012 of building completions
- Gross profit margin increased by 5.2 ppt to 21.2% (1H11: 16.0%)
- Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) from development activities amounted to RUB2.18 billion (1H11: RUB2.99 billion)
- Adjusted EBITDA margin increased by 1.4 ppt to 14.5% (1H11: 13.1%)
- Total assets as of June 30 2011 increased to RUB134.2 billion (December 31 2011: RUB128.3 billion) as PIK’s construction activities continued to accelerate
- Net debt as of June 30 2012 remained largely unchanged at RUB43.2 billion (December 31 2011: RUB42.9 billion)
- Total new sales to customers were up by 17.9% to 270,000 sq. meters (1H11: 229,000 sq. meters) due to wider range of available units for sale at PIK’s active development project
- Transfers to customers decreased to 138,000 sq. meters (1H11: 260,000 sq. meters) as due to PIK’s construction schedule for the year the vast majority of transfers are scheduled in 2H12
- Total net cash collections were up by 26.3% to RUB25.3 billion (1H11: RUB20.0 billion)
- Average implied selling price per sq. meter on transfers incurred increased to RUB69.5 thousand (1H11: RUB66.6 thousand)
- PIK reiterates its 2012 full-year guidance on new sales to customers within the range of 600,000-650,000 sq. meters with corresponding total cash collections within the range of RUB62-67 billion.