17th Apr 2012 07:00
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INDIRECTLY IN THE UNITED STATES OF AMERICA
PIK GROUP ("The Group" or "PIK")
PIK STARTS 2012 WITH STRONG SALES IN THE FIRST QUARTER
(LONDON, April 17 2012) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, is pleased to publish today a trading update for the three months ended March 31, 2012 based upon management accounts.
1Q2012 key highlights:
·; Total gross cash collections up by 55% to RUB12.5billion (1Q11: RUB 8.1 billion)
- cash collections from sale of apartments surged 89% to RUB10.0billion (1Q11: RUB5.3billion) driven mostly by sales volume and price growth.
- cash collections from construction services increased by 19% to RUB2.3billion (1Q11:RUB1.9billion)
·; New sales contracts to customers grew 58% to 128,000 square meters, driven by underlying demand for affordable housing;
·; Average selling prices for PIK's mass market properties under construction continued to grow and reached RUB121 thousand per square meter in Moscow (+9% yoy), RUB74 thousand per square meter in Moscow region (+10.4% yoy);
·; PIK launched 9 new projects (1Q11: 8) of which 8 were in its core Moscow Metropolitan Area (MMA);
·; 1Q12 sales figures showed a 67% year-on-year increase; this good start to the year gives management confidence that PIK's segment of the market is intact and that further growth can be expected in 2012
·; 1Q12 mortgage backed sales since 3Q11 consolidated at around 28.5% of total sales;
Table 1 - Cash collections summary(1)
(in RUB MM)
| 1Q2011 | 1Q2012 | Change, % | ||
TOTAL GROSS CASH(2) COLLECTIONS | 8,066 | 12,517 | 55.2% | ||
TOTAL NET CASH COLLECTIONS(3) | 7,218 | 12,344 | 71.0% | ||
including: Cash collections from residential real estate sales activities comprising: | 5,293 | 10,017 | 89.2% | ||
- Cash collections from retail real estate sales | 4,927 | 9,356 | 90.0% | ||
- Cash collections from wholesale real estate sales | 366 | 661 | 80.6% | ||
Cash collections from construction services activities and others | 1,925 | 2,290 | 19.0% |
Note:(1) In line with PIK's accounting standards, these cash collections will be recognized as sales revenue once the residential real estate properties have been completed and third party acceptance acts (formal building certification provided by authorities) are received upon the completed unit
(2) Including offsets with suppliers
(3) Excluding offsets with suppliers
Source: Management accounts
Table 2 - New sales contracts to customers
000' sqm | 1Q2012 | 1Q2011 | Change, % |
Total new real estate sales contracts to customers(1) | 128 | 81 | 58% |
Note: (1) including contracted retail and wholesales
Source: Management accounts
Table 3 - 1Q2011 pre-sales launches summary
Project | Location | Start of sales |
Khimki, 'Novokurkino' | Moscow region | |
- bldg 9 | March 2012 | |
Mytischi 'Yaroslavsky' | Moscow region | |
- bldg 22 | March 2012 | |
- bldg 23 | March 2012 | |
Lubertsy | Moscow region | |
- bldg 7 | February 2012 | |
- bldg 37 | February 2012 | |
Pykhtino | Moscow region | |
- bldg 24 | March 2012 | |
- bldg 25 | March 2012 | |
- bldg 26a | March 2012 | |
Obninsk | Central Russia | |
- mkr. 55, bldg 1a | January 2012 |
Table 4 - Share of mortgage funded retail sales
000' sqm | 1Q11 | 2Q11 | 3Q11 | 4Q11 | 1Q2012 | |
Share of sales funded by mortgages (1) | 12.4% | 25.3% | 29.5% | 29.7% | 28.5% |
Note: (1) based upon retail sales, calculated as per flats
Source: Management accounts
Table 5 - New sales contracts to retail customers (contracted retail volume)
New sales contracts to customers | 1Q2011 | 1Q2012 | Change, % | ||
Value, apartments and ground floors (in RUB MM) | 5,341 | 8,954 | 67.7% | ||
size (in thousand sqm) | 66 | 121 | 83.3% | ||
Value, parking lots (in RUB MM) | 161 | 224 | 39.3% | ||
Units, parking lots | 229 | 199 | -13.1% |
Source: Management accounts
Enquiries:
PIK Group
Investors
Viktor Szalkay Tel: +7 495 505 97 33 ext. 1358 / 1315
Media
Natalia Ivanova Tel: +7 495 505 97 33 ext. 1010 /1014
Related Shares:
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