8th Feb 2010 09:06
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA
PIK GROUP ("PIK" or "the Company")
Housing completions for the year ended December 31 2009
(LONDON, 8 February 2010) - PIK (LSE: PIK), one of Russia's leading residential real estate developers, today publishes updated housing completion figures for the year ended December 31, 2009.
Headline numbers are provided in the table below:
|
(thousands of sq meters) |
|
2007 |
|
2008 |
|
2009 |
|
Change 2009 vs. 2008 |
|
Total housing completions |
|
1 542 |
|
813 |
|
884 |
|
+8.7% |
|
Including: |
|
|
|
|
|
|
|
|
|
Construction services including Moscow City Government |
|
196 |
|
192 |
|
152 |
|
-20,8% |
|
|
|
|
|
|
|
|
|
|
|
Total housing completions by geography |
|
1 542 |
|
813 |
|
884 |
|
+8.7% |
|
Including: |
|
|
|
|
|
|
|
|
|
Moscow |
|
528 |
|
219 |
|
301 |
|
+37.4% |
|
Moscow region |
|
643 |
|
495 |
|
401 |
|
-18.9% |
|
Russia's regions |
|
371 |
|
99 |
|
182 |
|
+83.8% |
|
Note: Housing completion figures include city share, share of co-investors, construction services provided and PIK share. Source: Management accounts. |
||||||||
Summary:
·; 2009 completions increased by 8,7% comparing to 2008, in spite of restricted access to debt, shrinkage in pre-sales and unavailability of mortgages.
·; During the year, one of the Group's priorities was to meet existing liabilities to customers. Completions of postponed projects were financed from PIK internal cash flows (e.g. construction services, sales).
·; During 2009 PIK Group completed a number of 2008 unfinished projects and successfully launched and completed several new projects.
PIK Group sees stable demand in mass market housing segment and forecasts continuing sales growth in 2010 given the lack of supply on the market. In addition to that we see signs of recovery in availability of affordable mortgages.
The Group plans to issue a business update for the year 2010 in the second half of February 2010.
Enquiries:
|
Investors |
|
|
PIK Group |
Tel: +7 495 505 97 33 ext. 1358 |
|
Viktor Szalkay |
|
|
|
|
|
Media |
|
|
|
|
|
Citigate Dewe Rogerson |
Tel: +44 20 7638 9571 |
|
Tom Baldock |
|
|
Lindsay Noton |
|
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.
-END-
NOTES TO EDITORS
PIK Group Overview
PIK was founded in 1994 and represents one of the leading vertically integrated residential developers focusing on mass market housing. Its business activities are concentrated in Moscow, Moscow region and Russia's other regions. Its principal activity is development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia.
Since inception, PIK has completed over 150,000 residential units across Russia.
PIK Group's website address is: www.pik.ru
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