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PIK Group

January 18, 2017

PIK GROUP FY 2016 trading update

MOSCOW, January 18, 2017 - PIK Group (LSE: PIK) released today its trading update for the twelve months ended December 31, 2016 (FY2016). The operational and financial data are based on management assessment only and have not been reviewed by external auditors.

 

FY2016 key operational highlights:

· Total cash collections increased by 47.2% to RUB 101.2 billion (2015: RUB 68.7 billion).

   - Cash collections from sale of real estate increased by 58.9% to RUB 87.4 billion (RUB 55.0 billion).

   - Cash collections from construction services and others increased by 0.4% to RUB 13.8 billion (2015: RUB 13.7 billion)

· New sales contracts to customers increased by 52.0% to 950 th. sqm.
(2015: 625 th. sq. meters).

 

· In 2016, PIK Group put on sale 12 new projects, the same amount as in 2015. In 4Q2016 alone 7 new projects were put on sale, which contributed to the increase in sales in 4Q2016

 

· In 2016, 63 new buildings were put on sale, (2015: 50 new buildings).

    - New sellable area in the buildings put on sale increased by 27.4% to 1 158 th. sq. meters (2015: 909 th. sq. meters).

 

· Share of mortgage-backed sales reached 50.0% in 2016.

 

2017 Outlook

· PIK Group intends to maintain a leading position in the residential real estate market and provides the following guidance for 2017:

     - Total new sales to customers between the range of 1.7 – 1.9 million sq. m

     - Total cash collections of RUB 190 - 200 billion

 

Sergey Gordeev, PIK Group’s President commented:

“In 2016 PIK has demonstrated record growth by all indicators. The acquisition of Morton Group was a new important step for the evolution of PIK Group. The synergies from combining the two largest real estate companies opens great opportunities for business growth. In 2017, we plan to become the industry leader in terms of operational results and market capitalization, develop the most beautiful and innovative homes and significantly improve the quality of client services.”

 

Table 1 - Cash collections summary

(in RUB MM)

 

4Q2015

4Q2016

Change, %

2015

2016

Change, %

 TOTAL GROSS CASH COLLECTIONS

 

23 220

33 263

43.3%

68 704

101 152

47.2%

Including:

 

 

 

 

 

 

 

Cash collections from sale of real estate

 

19 590

28 634

46.2%

54 989

87 378

58.9%

Cash collections from construction services and others

 

3 630

4 629

27.5%

13 715

13 774

0.4%

 

Table 2 – New sales contracts to customers

in ‘000 sq. meters

 

4Q2015

4Q2016

Change, %

2015

2016

Change, %

New sales contracts to customers

 

218

318

45.9%

625

950

52.0%

Value of retail contracts for apartments and ground floors
(in RUB mn)

 

20 310

33 386

64.4%

56 550

96 367

70.4%

 

Table 3 – New sales contracts to customers quarterly

in ‘000 sq. meters

1Q

2Q

3Q

4Q

 

YTD

2016

204

201

227

318

 

950

2015

110

118

178

218

 

625

Change, %

85.5%

70.3%

27.5%

45.9%

 

52.0%

 

Table 4 – New sales contracts to customers in Q4 monthly

in ‘000 sq. meters

 

October

November

December*

4Q2016

2016

 

95

80

143

318

2015

 

66

65

87

218

* Increase of new sales to customers in December was due to a larger number of new projects put on sale (total of 6 new projects were put on sale) and doesn’t include sales in Morton’s projects which amounted to 40 th. sq. meters)

 

Table 5 – New sales contracts to customers by region

in ‘000 sq. meters

 

4Q2015

4Q2016

Change, %

2015

2016

Change, %

Moscow

 

84

160

90.5%

197

420

113.2%

Moscow region

 

97

127

30.9%

318

410

28.9%

Other regions

 

37

31

(16.2%)

110

120

9.1%

Total

 

218

318

45.9%

625

950

52.0%

 

Table 6 – Pre-sales launches summary table

 

2015

2016

 

Change

New sellable area, 000’ sqm

909

1 158

 

27.4%

Number of buildings launched for sale

50

63

 

+13

 

Enquiries:

PIK Group

Investors

Media

Polina Kurshetsova

Natalia Mikhna

Tel: +7 495 505 97 33 ext. 3785

Tel: +7 909 913 14 70

E-mail: ir@pik.ru

E-mail: pressa@pik.ru

 

 

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