PIK Group Publishes Trading Update on Cash Collections for 6M 2011
OREANDA-NEWS. August 1, 2011. PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, is pleased to publish today a trading update for the 6 months ended June 30, 2011 based upon management accounts.
Key highlights:
Cash collections from sale of apartments surged 63% to RUB 14.2 billion (1H10: RUB 8.7 billion) driven by higher volume and residential selling prices in the corresponding period;
Total gross cash collections for 1H11 showed continuing growth of the Group's operations and increased by 57% reaching RUB 23.3 billion (1H10: RUB 14.9 billion);
1H11 new sales contracts to customers showed 44% growth up to 229 thousand sq meters compared to the same period of 2010 upon continuing market growth & diversification of product offering (1H11: 19 new addresses were introduced onto sale) accompanied by increasing mortgage affordability at PIK's projects;
2Q11 sales funded by mortgages reached pre-crisis level at 25.3% as a result of PIK's initiative to introduce various mortgage partnership programs with Russian state-owned and private banks;
Cash collections from construction services were up by 49% at RUB 5.8 billion (1H10: RUB 3.9 billion);
FY2011 guidance on new sales contracts to customers of
Cash collections summary
|
(in RUB MM) |
1Q2010 |
2Q2010 |
1Q2011 |
2Q2011 |
1H2010 |
1H2011 |
Change, % (2Q11/2Q10) |
Change, % (1H11/1H10) |
|
TOTAL GROSS CASH COLLECTIONS |
4 441 |
10 456 |
8 072 |
15 261 |
14 897 |
23 333 |
45.6% |
56.6% |
|
including offsets with suppliers |
25 |
2 282 |
853 |
2 477 |
2 307 |
3 330 |
8.5% |
44.3% |
|
TOTAL NET CASH collections |
4 416 |
8 174 |
7 219 |
12 784 |
12 590 |
20 003 |
55.9%, |
58.8% |
|
including: |
|
|
|
|
|
|
|
|
|
Cash collections from residential real estate sales activities comprising: |
2 946 |
5 740 |
5 293 |
8 889 |
8 686 |
14 182 |
54.8% |
63.3% |
|
- Cash collections from retail real estate sales |
2 542 |
3 471 |
4 927 |
6 763 |
6 013 |
11 690 |
94.8% |
94.4% |
|
- Cash collections from wholesale real estate sales |
403 |
2 269 |
366 |
2 126 |
2 672 |
2 492 |
-6.3% |
-6.7% |
|
Cash collections from construction services activities and others |
1 470 |
2 434 |
1 925 |
3 893 |
3 904 |
5 818 |
59.9% |
49.0% |
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