16th Oct 2012 09:07
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INDIRECTLY IN THE UNITED STATES OF AMERICA
PIK GROUP ("The Group" or "PIK")
3Q2012 Trading Update
CONSISTENT QUARTER ON QUARTER SALES GROWTH CONTINUES
(LONDON, October 16 2012) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, is pleased to publish today a trading update for nine months ended September 30, 2012 based upon management accounts.
9M2012 key highlights:
·; PIK enjoyed another quarter of consistent growth, building on the Group's positive performance in 1H2012
·; Total net cash collections up by 32.3% to RUB 41.6 billion (9M11: RUB 31.4 billion);
- Cash collections from sale of apartments to individuals rose 50.3 % to RUB 29.4 billion (9M11: RUB 19.5 billion) driven by sales price growth and volume growth;
- Cash collections from construction services remained steady at RUB 9.2 billion (9M11:RUB 9.0 billion);
·; PIK launched 30 new projects of which 24 are in its core Moscow Metropolitan Area (MMA);
·; New sales contracts to customers were up to 439,000 sq. meters (9M11: 343,000 sq. meters), up by 28% y-o-y driven by underlying fundamental demand for affordable housing;
- 3Q12 new sales contracts to customers reached 169,000 sq. meters, which were 48% higher than those of previous year and 19% higher than in 2Q12; PIK has demonstrated sales growth in every quarter of 2012
·; 3Q12 mortgage backed sales were slightly up to 29.0% of total sales;
2012 Outlook
·; PIK reiterates its guidance for the year with a tighter range of new sales to customers of 600,000-620,000 sq. meters, with total gross cash collections of RUB 62-64billion;
Table 1 - Cash collections summary(1)
(in RUB MM) | 3Q2011 | 9M2011 | 3Q2012 | 9M2012 | Change, % (3Q12/3Q11) | Change, % (9M12/9M12) | |
| |||||||
TOTAL GROSS CASH COLLECTIONS (2) | 11,744 | 35,077 | 16,293 | 41,962 | 38.7% | 19.6% | |
TOTAL NET CASH COLLECTIONS(3) | 11,402 | 31,405 | 16,292 | 41,550 | 42.9% | 32.3% | |
including: | |||||||
Cash collections from residential real estate sales activities | 8,260 | 22,442 | 12,782 | 32,335 | 54.7% | 44.1% | |
including: | |||||||
- Cash collections from retail real estate sales | 7,854 | 19,544 | 11,527 | 29,369 | 46.8% | 50.3% | |
Cash collections from construction services activities and others | 3,145 | 8,963 | 3,490 | 9,215 | 11.0% | 2.8% |
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 (y-o-y comparison)
000' sq. meters | 1Q | 2Q | 3Q | YTD | |
2012 | 128 | 142 | 169 | 439 | |
2011 | 81 | 148 | 114 | 343 | |
change, y-o-y, % | 58% | -4% | 48% | 28% |
Note: including contracted retail and wholesales
Source: Management accounts
Table 3 - New sales contracts to customers (q-o-q comparison)
000' sq. meters | 1Q | 2Q | 3Q | Change 2Q/1Q | Change 3Q/2Q | |
2012 | 128 | 142 | 169 | +11% | +19% | |
2011 | 81 | 148 | 114 | +83% | -23% |
Note: including contracted retail and wholesales
Source: Management accounts
Table 4 - 9M2012 pre-sales launches summary
Project | Location | Start of sales |
"Novoperedelkino" | Moscow | |
- bldg 9a | June 2012 | |
- bldg 13ab | July 2012 | |
"Grand Kuskovo" | Moscow | |
- bldg 5 | June 2012 | |
- bldg 6 | July 2012 | |
"Michurinsky" | Moscow | |
- bldg 20a | July 2012 | |
"Drozhino" | Moscow region | |
- bldg 2 | August 2012 | |
- bldg 5-1 | August 2012 | |
- bldg 6 | August 2012 | |
Khimki, 'Novokurkino' | Moscow region | |
- bldg 9 | March 2012 | |
- bldg 7 | June 2012 | |
- bldg 19 | June 2012 | |
Khimki, "Levoberegny" | Moscow region | |
- bldg 8 | August 2012 | |
Mytischi 'Yaroslavsky' | Moscow region | |
- bldg 22 | March 2012 | |
- bldg 23 | March 2012 | |
- bldg 38 | June 2012 | |
- bldg 40 | June 2012 | |
Lubertsy | Moscow region | |
- bldg 7 | February 2012 | |
- bldg 37 | February 2012 | |
- bldg 9 | June 2012 | |
- bldg 53a | September 2012 | |
- bldg 53b | September 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 | |
- mkr. 55, bldg 1b | April 2012 | |
Yaroslavl | Central Russia | |
- Krivova str. | June 2012 | |
- "Bragino", bldg 5-5a | April 2012 | |
- "Sokol", bldg 5 | July 2012 | |
Perm | Central Russia | |
- "Griboedovsky", bldg 31 | May 2012 |
Source: Management accounts
Table 5 - Share of mortgage funded retail sales
000' sqm | 1Q11 | 2Q11 | 3Q11 | 4Q11 | 1Q12 | 2Q12 | 3Q2012 | |
Share of sales funded by mortgages (1) | 12.4% | 25.3% | 29.5% | 29.7% | 28.5% | 27.3% | 29.0% |
Note: (1) based upon retail sales, calculated as per flats
Source: Management accounts
Table 6 - New sales contracts to retail customers (contracted retail volume)
New sales contracts to customers | 3Q2012 | 3Q2011 | Change % | 9M2012 | 9M2011 | Change % | ||||||||
Value, apartments and ground floors (in RUB MM)(1) | 12,360 | 8,331 | 48.4% | 31,084 | 21,251 | 46.3% |
| |||||||
size (in thousand sqm)(2) | 142,016 | 103,080 | 37.8% | 376,979 | 260,281 | 44.8% |
| |||||||
Note: (1) unit is equivalent to aggregated amount of flats, ground floors and parking lots
(2) size is taken for flats and ground floors
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
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