PIK (LSE: PIK), a leading Russian residential developer, has announced its financial results for the year ended 31 December 2007, based upon audited consolidated IFRS accounts.
The highlights are:
- Revenues increased by 75% to US $2.7 billion (2006: US $1.5 billion);
- EBITDA rose by 93% to US $939 million (2006: US $486 million), while EBITDA from development activity reached US $944 million (2006: US $416 million);
- Net profit for the year increased by 135% to US $700 million (2006: US $298 million);
- Earnings per share were up by 125% to US $1.46 (FY06: US $0.65);
- Total assets as of December 31 2007 amounted to US $5.2 billion (2006: US $2.5 billion);
- Cash and equivalents as of December 31 2007 reached US $695 million (2006: US $43 million);
- Net debt as of December 31 2007 fell to US $716 (2006: US $869 million);
- CB Richard Ellis' independent appraisal reported a 40% rise in the value of the Group's property portfolio to US $12.3 billion as of January 1 2008 (US $8.8 billion as of January 1 2007).
Kirill Pisarev, CEO of PIK, comments: "Strong economic growth combining with a large obsolete housing stock, rising consumer wealth and increased mortgage penetration have created strong demand for new housing in Russia.
These record results demonstrate PIK's ability to deliver the large volumes of residential housing required to meet this demand, which is spreading out from Moscow into Russia's regions. We have made exceptional progress during 2007 expanding our land bank across the country and, as the market leader in the residential sector, we believe we are very well placed to capitalize on these strong market fundamentals."