OREANDA-NEWS. January 26, 2012. PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, is pleased to publish today a trading update for twelve months ended December 31, 2011 based upon management accounts.

2011 Key highlights:

Total gross cash collections increased by over 30% to RUB52.1billion (FY10: RUB 39.9 billion);

Cash collections from sale of apartments surged 49.5% to RUB34.9billion (FY10: RUB23.4billion) driven mainly by higher volume sales.

Cash collections from construction services remained stable at RUB12.9billion (FY10:RUB12.3billion)

New sales contracts to customers showed growth to 510,000 sq. meters due to wider range of available projects by PIK;

PIK launched 41 new projects (FY10: 25) of which 26 in its core Moscow Metropolitan Area (MMA);

4Q11 sales figures showed a 30% year-on-year increase, reinforcing management’s confidence that growth in PIK’s segment of the market is intact and based upon solid and sustainable fundamentals;

4Q11 mortgage backed sales continued to grow, consolidating at approximately 30% of total sales;