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PIK Group

January 23, 2013

PIK Group 4Q 2012 trading update

STRONG CASH GENERATION AND FURTHER

STRENGTHENING OF FINANCIAL POSITION

FULL-YEAR TRADING RESULTS BEAT GUIDANCE FOR THE YEAR

(LONDON, January 23 2013) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, is pleased to publish today a trading update for the twelve months ended December 31, 2012 based upon management accounts.

12M2012 key operational highlights:

·         On the back of a healthy housing market, PIK delivered a year of solid growth, exceeding management expectations and previous guidance to the market;

·         Total gross cash collections grew by 29.6% to RUB67.5 billion (12M11: RUB52.0 billion);

                    -               Cash collections from sales to individuals rose by 47.3% to RUB44.8 billion (12M11: RUB30.4 billion) driven by volume and sales price growth;

                    -               Cash collections from construction services were up by 11.5% to RUB14.4 billion (12M11:RUB12.9 billion);

·         PIK launched 49 new projects (12M11: 41) of which 36 were in the Moscow Metropolitan Area (MMA);

·         New sales contracts to customers grew by 29.0% to 658,000 sq. meters (12M11: 510,000 sq. meters), driven by fundamental demand for affordable housing in Russia;

                    -               In 4Q12 alone new sales contracts to customers reached 219,000 sq. meters, 31.1% higher than in the previous year and 29.6% higher than in 3Q12;

                    -               In December 2012 alone, PIK sold over 118,000 sq. meters to its customers;

·         Mortgage backed sales were stable during the year despite interest rate increases for individual mortgages in the range of 50-100bps;

                    -               4Q12 mortgage backed sales amounted to 29.2% of total sales;

·         Average selling prices in 2012 increased by 10% in Moscow and 12% in Moscow region and other regions, significantly higher than Russia’s inflation;

·         Overall, as a result of the above strong drivers of growth, PIK made a significant step towards deleveraging its balance sheet through cutting its debt burden down to RUB41.8 billion.

·         Compared to December 31 2011, net debt decreased by RUB5.8billion and totaled RUB37.1 billion as of December 31 2012.

2013 Outlook

·         Fundamentals for residential mass market housing remain strong. PIK provides the following annual guidance for 2013:

                    -               Total new sales to customers between the range of 660,000-700,000 sq. meters, with total gross cash collections of RUB69-73billion.

Table 1- Cash collections summary (1)

 

(in RUB MM)

 

4Q2011

12M2011

4Q2012

12M2012

Change, % (4Q12/4Q11)

Change, % (FY12/FY11)

 

 

 

 

 

 

 

 

TOTAL GROSS CASH COLLECTIONS (2)

 

16,986

52,063

25,513

67,475

+50.2%

+29.6%

TOTAL NET CASH COLLECTIONS(3)

 

16,471

47,876

25,141

66,691

+52.6%

+39.3%

including:

 

 

 

 

 

 

 

Cash collections from residential real estate sales activities

 

12,532

34,974

19,961

52,296

+59.3%

+49.5%

including:

 

 

 

 

 

 

 

- Cash collections from retail real estate sales

 

10,894

30,438

15,470

44,839

+42.0%

+47.3%

Cash collections from construction services activities and others

 

3,939

12,902

5,180

14,395

+31.5%

+11.5%

 

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’ sq. meters

1Q

2Q

3Q

4Q

 

YTD

Change

4Q/3Q

2012

128

142

169

219

 

658

+29.6%

2011

81

148

114

167

 

510

+46.5%

 

 

 

 

 

 

 

 

change, y-o-y, %

 58%

 -4%

48%

31%

 

29.0%

 

Note:  including contracted retail and wholesales

Source:  Management accounts

Table 3 – Pre-sales launches summary table

No. of buildings

2011

2012

 

Change

Number of projects launched on sales

41

49

 

+8

Source:  Management accounts

Table 4 – 12M2012 pre-sales launches detailed summary

Project

Location

Start of sales

“Novoperedelkino”

Moscow

 

- bldg 9a

 

June 2012

- bldg 13ab

 

July 2012

“Chertanovsky”

 

 

- bldg 4

 

November 2012

- bllg 40 (parking)

 

November 2012

“Grand Kuskovo”

Moscow

 

- bldg 5

 

July 2012

- bldg 6

 

June 2012

- bldg 4

 

October 2012

- bldg 7

 

October 2012

“2nd Maryina Roscha str.”

Moscow

 

- bldg 1

 

December 2012

“Michurinsky”

Moscow

 

- bldg 20a

 

July 2012

- bldg 21-22

 

October 2012

“Mironovsky”

Moscow

 

- bldg 1

 

November 2012

- bllg  2

 

December 2012

“Drozhino”

Moscowregion

 

- 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

- bldg 12

 

October 2012

Khimki,“Levoberegny”

Moscowregion

 

- 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, “Krasnaya Gorka”

Moscow region

 

- bldg 7

 

February 2012

- bldg 37

 

February 2012

- bldg 9

 

June 2012

- bldg 53a

 

September 2012

- bldg 53b

 

September 2012

- bldg 39

 

December 2012

Pykhtino

Moscow

 

- bldg 24

 

March 2012

- bldg 25

 

March 2012

- bldg 26a

 

March 2012

Lobnya

Moscow region

 

- bldg 6

 

December 2012

Zheleznodorogny

Moscow region

 

- bldg 313

 

December 2012

Kaluga

Central Russia

 

- Dmitrova str, bldg 2

 

October 2012

Novorossiysk

Central Russia

 

- mkr. 16, bldg 2

 

November 2012

N. Novgorod

Central Russia

 

- “Mescherskoe ozero”, bldg 1

 

September 2012

Rostov-on-Don

Central Russia

 

- “Nord”, bldg 1

 

October 2012

Obninsk

Central Russia

 

- mkr. 55, bldg 1a

 

January 2012

- mkr. 55, bldg 1b

 

April 2012

- mkr. 55, bldg 2b

 

October 2012

Yaroslavl

Central Russia

 

-  Krivova str.

 

June 2012

- “Bragino”, bldg 5-5a

 

April 2012

- “Bragino”, bldg 2

 

December 2012

- “Sokol”, bldg 5

 

July 2012

Perm

Central Russia

 

- “Griboedovsky”, bldg 31

 

May 2012

- “Griboedovsky”, bldg 29

 

December 2012

Source:  Management accounts

Table 5 - Share of mortgage funded retail sales

000’ sqm

 

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q2012

4Q2012

 

 

 

 

 

 

 

 

 

 

Share of sales funded by mortgages (1)

 

12.4%

25.3%

29.5%

   29.7%

28.5%

27.3%

29.0%

29.2%

Note: (1) monthly averaged data 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

4Q2012

 

4Q2011

 

Change %

 

12M2012

 

12M2011

 

Change %

Value, apartments and ground floors (in RUB MM)(1)

13,582

 

10,558

 

28,6%

 

44,666

 

31,809

 

40,4%

size (in thousand sqm)(2)

154,480

 

135,222

 

14,2%

 

531,459

 

395,503

 

34,4%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Priscilla Garcia

Account Executive

Citigate Dewe Rogerson

3 London Wall Buildings

LondonWall

LondonEC2M 5SY

Tel: +44 (0)20 7282 1075

Mob: +44 (0)7714 306525

priscilla.garcia@citigatedr.co.uk

 

 

 

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