MOSCOW, January 23, 2015 - PIK Group (LSE: PIK) released today its trading update for the twelve months ended December 31, 2014. The operational and financial data are based on management assessment only and have not been reviewed by external auditors.
2014 key operational highlights:
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Total cash collections decreased by 17.5% to RUB 61.7 billion (2013: RUB 74.8 billion)
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Cash collections from sale of real estate to individuals decreased by 14.7% to RUB 50.6 billion (2013: RUB 59.3 billion);
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Cash collections from wholesale transactions decreased by 95.5% to RUB 0.2 billion (2013: RUB 3.6 billion)
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Cash collections from construction services and others were down by 7.8% to RUB 10.7 billion (2013: RUB 11.6 billion);
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Total cash collections in 4Q2014 stayed flat compared to 4Q2013 at RUB 22.5 billion
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Cash collections from sale of real estate to individuals in 4Q2014 increased by 5.4% to RUB 19.4 billion (4Q2013: RUB 18.4 billion);
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New sales contracts to customers decreased by 8.4% to 620 th. sq. meters
(2013: 677 th. sq. meters). In 4Q2014 new sales contracts to customers rose by 26.5% to 258 th sq. meters (4Q2013: 204 th. sq. meters)
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In 2014, PIK launched 43 new projects compared to 52 new projects in 2013. New sellable area in the buildings put on sale rose by 6.4% to 645 th. sq. meters (2013: 606 th. sq. meters)
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Share of mortgage backed sales totaled 36.2% in 2014 compared to 39.0% in 2013.
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PIK’s average selling prices in 2014 increased by 8.1% in Moscow, 18.4% in New Moscow, 5.7% in the Moscow region and 3.1% in other regions.
More: PIK_FY14_trading_update_eng.pdf