print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all PIK Group press releases

PIK Group

January 23, 2018

PIK Group announces FY 2017 trading update

MOSCOW, 23 January 2018 - PIK Group ("PIK" or the "Company") (MOEX: PIKK), the leading Russian residential developer, released today its trading update for the twelve months ended 31 December 2017. The operational and financial data are based on management accounts. The results of the past year are marked by a twofold increase across key metrics following the completion of the integration of two major developer companies and the continued organic growth of the Company's business. Over the past year, PIK has strengthened its position as a sector leader, continued dynamic regional expansion, adapted to the growing scale of construction, transformed into an industrial company and significantly enhanced its operational efficiency.

Key operational highlights for FY 2017:

·   Total cash collections increased by 113.7% to RUB 216.1 billion (2016: RUB 101.2 billion).

-  Cash collections from sale of real estate to individuals increased by 116.4% to RUB 189.1 billion (2016: RUB 87.4 billion).

-  Cash collections from construction services and others increased by 96.2% to RUB 27.0 billion or 12.5% of revenues (2016: RUB 13.8 billion).

·  New sales contracts to individual customers increased by 93.6% to 1,839 th. sqm.
(2016: 950 th. sq. meters).

·  In 2017, PIK Group put on sale 11 new projects and 99 new buildings, compared to 12 new projects and 63 new buildings in 2016.

 -  New sellable area in the buildings put on sale increased by 85.1% to 2,143 th. sq. meters (2016: 1,158 th. sq. meters).

·  Completions increased by 121.4% to 2,059 th. sqm. (2016: 930 th. sqm.)

·  Share of mortgage-backed sales reached 60% in 2017.

Commenting on the operating results, Sergei Gordeev, President of PIK Group, said:

 

"In 2017, PIK delivered strong operational results. For the first time in Company’s history, we exceeded 2 million square meters in construction volumes. We doubled both the volume of real estate sales and the total amount of cash collections.

“The Group’s net debt at the end of the year amounted to RUB 14.8 billion, which is 64% lower than at the end of 2016. As such, we have continued on our strategic course of decreasing our debt levels.

“Additionally, we accomplished a number of important strategic milestones by entering the new market of St. Petersburg, successfully integrating two major developer companies, having re-issued all master plans and revised building plans. We continued to develop our industrial division through the creation of a single production unit with five factories, and significantly progressed in our IT transformation, having launched new projects and applications to enhance operational efficiency and service quality.

“In 2018, we will continue to undertake measures aimed at maintaining our industry leading position, while working to boost our operational and financial efficiency. We will strive to increase market share in key segments and regions where we operate, while remaining focused on industrialisation and technological development of our production processes.”

2018 Outlook

·   PIK Group intends to maintain a leading position in the residential real estate market and envisions keeping key operational metrics in 2018 at record levels of last year:

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

-   Total cash collections of RUB 180-200 billion. 

More.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer