21st Jul 2008 09:00
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA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 Group")
PIK GROUP ANNOUNCES FIRST HALF 2008 HOUSING COMPLETIONS
(LONDON, 21 July 2008) - PIK (LSE: PIK), a leading Russian nationwide residential property developer, today publishes an update to the market regarding housing completions for the first half of 2008 based upon unaudited management data.
Headline numbers are provided in the table below:
|
(thousands of sq meters, rounded) |
2006 |
2007 |
1H07 |
1H08 |
Change 1H08 vs. 1H07 |
|||||
|
Total housing completions |
1 244 |
1 542 |
316 |
418 |
+32% |
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|
Including: |
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|
Construction services provided to Moscow city |
376 |
196 |
24 |
10 |
-58% |
|||||
|
Total housing completions by geography |
1 244 |
1 542 |
316 |
418 |
+32% |
|||||
|
Including: |
||||||||||
|
Moscow |
744 |
528 |
191 |
33 |
-83% |
|||||
|
Moscow region |
340 |
643 |
58 |
346 |
+496% |
|||||
|
Russia's regions |
160 |
371 |
67 |
39 |
-42% |
|||||
Summary:
- Strong growth in housing completions for 1H08, demonstrating PIK's ability to render large scale housing volumes throughout Russia;
- Housing completion geographical split in line with construction program for 2008.
Looking ahead, we believe that the fundamentals of the Russian residential real estate market remain sound and we expect growth in line with market expectations in the current year.
Enquiries:
|
Investor Relations |
|
|
PIK Group |
Tel: +7 495 505 97 33 ext. 1358 |
|
Viktor Szalkay |
|
|
Public Relations |
|
|
PIK Group |
Tel: +7 495 232 11 22 |
|
Natalia Konovalova |
|
|
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.
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PIK Group Overview
Founded in 1994, PIK is one of the leading vertically integrated residential developers with presence in over 20 cities across Russia. Its business activities are concentrated in Moscow and the Moscow region with an increasing footprint in many of Russia's other regions. Its principal activity is the development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia.
Since 2004, PIK has completed over 4 million square meters of residential housing, which is equivalent to approximately 58,000 residential units across Russia.
June 1, 2007, the Group completed successful listings on the London Stock Exchange, the RTS and MICEX exchanges in Russia.
PIK Group's website address is: www.pik.ru
Group Financial Summary
Revenue for 2007 rose by 75% and equalled US$2.7 billion, while EBITDA for 2007 amounted to US$939 million. Net profit was US$700 million in 2007 compared to US$ 298 million in 2006.
According to CBRE, an independent appraiser, the combined market value of the Group's properties valued as of January 1, 2008 was $12.3 billion.
Related Shares:
PIK.L