(LONDON, September 25 2013) - PIK (LSE: PIK), a leading Russian residential developer, today announces its audited consolidated IFRS financial results for the 6 months ended June 30 2013.
1H13 financial summary:
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Total revenues were up by 72.4% to RUB25.0 billion (1H12: RUB14.5 billion)
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Revenues from the sale of apartments grew by 118.9% to RUB20.8 billion (1H12: RUB9.5 billion)
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Continued cost control lead to 12.5% decrease in administrative and distribution expenses resulting RUB1.4 billion (1H12: 1.6 billion)
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Gross profit margin reached 28.4% up by 7ppt from 1H12
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Adjusted EBITDA grew more than three times to RUB6.3 billion (1H12: RUB2.1 billion)
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Net positive cash flow from operating activities reached RUB4.6billion (1H12: negative net cash flow of RUB0.4billion)
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Net income amounted to RUB2.6 billion (1H12: loss of RUB0.9 billion)
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Total assets as of June 30 2013 increased to RUB138.5 billion (December 31 2012: RUB126.5 billion)
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In line with the Group’s deleveraging strategy and as a result of the successful SPO completed in June 2013, net debt as of June 30 2013 decreased by RUB14.0 billion to RUB22.8 billion (December 31, 2012: RUB36.8 billion)
Enquiries:
Investors
PIK Group Tel: +7 495 505 97 33 ext. 1358 / 1315
Media
Natalia Ivanova Tel: +7 495 505 97 33 ext. 1010 /1014
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