Moscow, April 16, 2018 - PIK Group, the leading Russian residential developer, today announces its audited Consolidated Financial Statements prepared in accordance with IFRS and Valuation Report in respect of the portfolio of its properties for the year ended December 31, 2017.
2017 Financial Highlights:
2017 Development Portfolio Valuation Summary:
Commenting on the operating results, Sergei Gordeev, President of PIK Group, said:
"In 2017, PIK delivered strong financial results. For the first time in Company’s history, we exceeded 2 million square meters in construction volumes. Total revenue increased more than 3 times and amounted to RUB 175.1 billion.
The Group’s net debt at the end of the year amounted to RUB 15.0 billion, which is 63% lower than at the end of 2016. As such, we have confirmed 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. 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 services 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 as well as our profitability while remaining focused on industrialization and technological development of our production processes and elevating our customer service.”
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Additional documents:
The Consolidated Financial Statements, prepared in accordance with IFRS, for 12 months ended December 31, 2017 can be found under the following link:
http://pik-group.com/investors/financial-statements/2017/
Conference call details:
Date: April 16, 2018
Time: 15:00 Moscow / 13:00 London / 8:00 New York
Title: PIK Group 2017 IFRS Results
Conference ID: 7024991
Domestic line: +7 495 213 1767
UK international tel.: +44 330 336 9105
Enquiries:
PIK Group
Investors |
Media |
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Polina Kurshetsova |
Tatyana Gulina-Seiranyan |
Tel: +7 495 505 97 33 ext. 3785 |
Tel: +7 919 777 21 87 |
E-mail: ir@pik.ru |
E-mail: pressa@pik.ru |