Moscow, August 30, 2018 - PIK Group (LSE: PIK), (“The Group” or “PIK”), the leading Russian residential developer, today announces its unaudited Consolidated Financial Statements prepared in accordance with IFRS, for the 6 months ended June 30, 2018.
Note: At the date of the initial application of the standard, January 1, 2018, the Group recognized the cumulative effect of initially applying this Standard as an adjustment to the opening balance of retained earnings using practical expedient . Accordingly, the comparative information for the year 2017 was not restated, and is disclosed, as before, in accordance with the requirements of IAS 18 Revenue and IAS 11 Building Contracts.
For reference: when applying the new standard, the Group's revenue for 2017 would be RUB 246.6 billion (according to the old standard - RUB 175.1 billion), adjusted EBITDA would be RUB 28.2 billion (according to the old standard - RUB 15.6 billion), and net profit would be RUB 8.6 billion (according to the old standard – RUB 3.2 billion)
1H2018 Financial Highlights:
Note: a significant increase in revenue and EBITDA is partially due to the adoption of the new IFRS 15.
Commenting on the results, Sergei Gordeev, President of PIK Group, said:
"In the first half of 2018, PIK delivered strong financial results. Total revenue increased more than 2 times and amounted to RUB 90.3 billion.
The Group’s net debt as of June 30, 2018 amounted to RUB 15.4 billion. As such, we have confirmed on our strategy of debt management.”
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Additional documents:
The Consolidated Financial Statements, prepared in accordance with IFRS, for 6 months ended June 30, 2018 can be found under the following link
Conference call details:
Date: August 30, 2018
Time: 14:00 Moscow / 12:00 London / 7:00 New York
Title: PIK Group 1H2018 IFRS Results
Conference ID: 8367926
Domestic line: +7 495 646 91 90
UK international tel.: +44 330 336 9411
Enquiries:
PIK Group
Investors |
Media |
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 |