Moscow, April 02, 2019 - PIK Group, the leading Russian residential developer, today announces its audited Consolidated Financial Statements prepared in accordance with IFRS and Assets Valuation Report for the year ended December 31, 2018.
2018 Financial Highlights:
2018 Assets Valuation Summary:
Commenting on the operating results, Sergei Gordeev, President of PIK Group, said:
“In 2018, PIK demonstrated excellent financial performance and high growth rates compared to the previous year. The company's revenue reached almost 250 billion rubles, EBITDA increased almost 3 times, net profit 7 times. The company's net debt decreased 6 times, and the ratio of net debt to EBITDA decreased to almost 0 - 0.06. Thus, the company reaffirmed its strong financial position and commitment to a balanced financial policy. This is further reflected in the Standard & Poor’s PIK’s credit rating upgrade to B+.
The company entered new regional markets - Yekaterinburg and Tyumen. In October, we were the first in the country to conclude the largest project financing deal and at the moment PIK is fully ready to work within the framework of the changed regulation of the construction industry.
We continued to develop our industrial segment, launch new projects and services, implement proprietary IT solutions for automatization and digitalization of business processes. At the end of March 2019, we launched a new service - PIC Franchise - which provides ready-made business management solutions for developers in Russia and the CIS. All this is reflected in the valuation of the company's assets as of December 31, 2018, which amounted to 381.5 billion rubles or 577 rubles per share.
In 2019, we will continue to work to further improve the operating and financial performance of the company, increase the supply of high-quality housing, provided with all the necessary social infrastructure, and implement various initiatives to improve the profitability of projects and the level of service for our clients.”
The Consolidated Financial Statements, prepared in accordance with IFRS, for 12 months ended December 31, 2018 can be found under the following link:
Conference call details:
Date: April 2, 2019
Time: 17:00 Moscow / 15:00 London / 10:00 New York
Title: PIK Group 2018 IFRS Results
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