Moscow, September 1, 2014 – PIK Group (LSE: PIK), (“The Group” or “PIK”), one of Russia’s leading residential developers, announced today its unaudited Consolidated Interim Condensed Financial Statements prepared in accordance with IFRS for the six months ended June 30, 2014.

1H 2014 Financial Highlights:

Total revenue increased by 14.3% to RUB 28.6 billion (1H 2013: RUB 25.0 billion)

Revenue from sale of apartments rose by 19.9% to RUB 24.9 billion
(1H 2013: RUB 20.8 billion)

Gross profit margin amounted to 26.0% (28.3% in 1H 2013)

Adjusted EBITDA decreased by 6.6% to RUB 5.9 billion (1H 2013: RUB 6.3 billion); the adjusted EBITDA margin decreased to 20.7% from 25.3% in 1H 2013

Net profit for the period decreased by 44.3% to RUB 1.5 billion
(1H 2013: RUB 2.6 billion)

Net cash generated from operating activities amounted to  RUB 2.5 billion
(1H 2013: RUB 4.6 billion)

Net debt as at June 30, 2014 decreased by RUB 2.4 billion to RUB 15.6 billion (December 31, 2013: RUB 18.0 billion)

Apartment transfers to customers increased by 5.7% to 276,000 square meters from 261,000 square meters in 1H 2013

 2014 Full Year Outlook:

In light of lower than expected residential sales and volumes of 3^rd party construction services in 1H 2014, PIK Group is revising its full-year residential sales guidance to 560,000–600,000 square meters and expects corresponding total cash collections of RUB 62–70 billion. In line with the Group’s current development plan, the second half of 2014 is expected to bring a reversal of the pre-sales trends seen in 1H 2014.

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Additional documents:

The unaudited Consolidated Interim Condensed Financial Statements prepared in accordance with IFRS for the six months ended June 30, 2014 can be found at https://pik-group.com/investors/financial-statements/2014/

 Conference Call Dial-In Details:

PIK Group’s Management will host a web-cast presentation for investors and analysts followed by a Q&A session.

 Date:                                       Wednesday, September 3, 2014
Time:                                      15:00 Moscow / 12:00 London / 7:00 New York
Title:                                        PIK Group 1H 2014 IFRS Results
Conference ID (Russian): 5283322
Conference ID (English): 7515256  
Domestic line: +7 (495) 545 0588    
UK international tel.: +44 20 7784 1036

WebCast link (Russian):
https://www.audio-webcast.com/cgi-bin/visitors.ssp?fn=visitor&id=2384

WebCast link (English):
https://www.audio-webcast.com/cgi-bin/visitors.ssp?fn=visitor&id=2383

Enquiries:

PIK Group