MOSCOW, April 22, 2014 - PIK Group (LSE: PIK) released today its trading update for the three months ended March 31, 2014. The operational and financial data are based on management assessment only and have not been reviewed by external auditors.
1Q2014 key operational highlights:
Total cash collections decreased by 8.0% to RUB 16.1 billion (1Q2013: RUB17.5 billion) primarily due to a planned decline in cash collections from wholesale transactions.
Cash collections from sale of real estate to individuals rose by 1.9% to RUB 13.5 billion (1Q2013: RUB 13.2 billion)
Cash collections from wholesale transactions decreased by 95.2% to RUB 0.08 billion (1Q2013: RUB 1.7 billion)
Cash collections from construction services and others stayed flat at RUB 2.5 billion
New sales contracts to customers decreased by 10.5% to 137 th. sqm.
(1Q2013: 153 th. sq. meters). New sales contracts decreased in line with the development schedule which envisages an increase in the number of new project launches not earlier than 2H2014.
In 1Q2014, PIK launched sales at 11 new projects (including 9 project in Moscow Metropolitan Area) compared to 14 new projects in 1Q2013.
Share of mortgage backed sales increased, reaching 37.2% in 1Q2014. Compared to 4Q2013, the share of mortgage backed deals declined slightly but stayed generally in line with the full year average for 2013.