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PIK Group  |
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| Compilation Date: | 29 Jul 10 |
Company Overview
General Info | |
| Full Company Name | JSC "PIK Group" |
| Industrial Group | General Construction |
| Number of Employees | 14,186 |
| Registration Date | 20 Sep 94 |
| Registered Address | Bld.1, 19, Barikadnaya St., Moscow, 123242 |
| Main Office | Bld.1, 19, Barikadnaya St., Moscow, 123242 |
| Telephone / Fax | (495) 505-9733 / (495) 203-7101; 229-9011 |
| e-mail | pikgroup@pik.ru ir@pik.ru |
| Internet Home Page | www.pik.ru |
| Registrar | JSC "R.O.S.T. Registrar" |
| Auditor | Closed JSC "BDO Unicon" |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
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Corporate Management |
| Chairman of the Board | Pavel Grachev | | General Director | Pavel Poselenov |
Price Highlights | |
| Price per Common Share, USD | 3.692596 |
| YTD Price Change, % | -10.02 |
| P/E Ratio | neg. |
| Market Capitalization, USD | 1,821,411,420 |
| Common Shares in Free Float, % | 17.20 |
Operations Summary | |
PIK Group, established in 1994, develops residential real estate, sells completed units and maintains residential real estate developed by itself and other companies. PIK Group is a consolidation of more than 20 companies, including one of the largest house-building centers in Moscow, DSK-2 and DSK-3. The company operates primarily in Moscow. In 2004, it started operating in the Moscow and Rostov regions, also in Kaliningrad, Yaroslavl, Nizhniy Novgorod, Omsk and Perm. Since its foundation, PIK has completed over 7,3 million square meters of housing, equivalent to over 122,000 units. In 2008, the total volume of introduced area was 813,000 square meters. PIK Group plans to build more than 10 million square meters of housing by 2011. In June 2007, PIK Group made an initial public offering on the London Stock Exchange, MICEX and RTS. The company sold 15% of its shares at USD25 per GDR. At the offer price, the market capitalization for PIK Group was approximately USD12.3 billion. |
Shares Information
Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
| Common Share | 493,260,384 | 62.50 RUR |
Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
| Closed JSC "Depository Clearing Company" | 54.87 | 54.87 | | Deutsche Bank Ltd. | 38.81 | 38.81 | | Closed JSC "The National Depository Center" | 6.19 | 6.19 |
Equity Positions in Other Companies |
| Name | % of Charter Capital |
| Rostov Sea Ltd. | 100.00 | | Spetstsvetmed-Invest Ltd. | 100.00 | | Closed JSC "Stroybusinesscenter" | 100.00 | | Stroyformat Ltd. | 100.00 | | Status Land Ltd. | 100.00 | | StroyInvest Ltd. | 100.00 | | JSC "Ferroconcrete Items Plant "Stroyindustry" | 100.00 | | JSC "Domostroitelny Combinat ¹160" | 100.00 | | Energy-S Ltd. | 100.00 | | Closed JSC "Energoservice" | 100.00 | | Europroject Ltd. | 100.00 | | Fentrouma Holdings Ltd. | 100.00 | | Closed JSC "Innotek" | 100.00 | | Izh-Stroy Ltd. | 100.00 | | Kaltenberg Ltd. | 100.00 | | MFS-PIK Ltd. | 100.00 | | Closed JSC "Monetchik" | 100.00 | | NSS Ltd. | 100.00 | | Oregol Investments Ltd. | 100.00 | | PIK Systems Ltd. | 100.00 | | UDSK Ltd. | 100.00 | | Closed JSC "Volga Form" | 100.00 | | Closed JSC "Viktor" | 100.00 | | PIK-Development Ltd. | 100.00 | | PIK Design Ltd. | 100.00 | | PIK-Comfort Ltd. | 100.00 | | PIK-Moscow Ltd. | 100.00 | | Closed JSC "PIK-Region" | 100.00 | | PIK-Podmoskovie Ltd. | 100.00 | | PIK-Profile Ltd. | 100.00 | | PIK North-West Ltd. | 100.00 | | JSC "Domostroitelny Combinat ¹2" | 97.80 | | Closed JSC "Knitting Undertaking "Red East" | 93.30 | | JSC "Kuskovskiy Chemical Plant" | 92.43 | | JSC "Domostroitelny Combinat ¹3" | 87.30 | | Closed JSC "PIK Project" | 56.00 | | PIK Technology Ltd. | 51.00 | | Business Service Ltd. | 25.00 |
Dividends History |
| Period | Payment per Share, USD | Number of Shares | Ex-Date | Payment Date | Payout Ratio, % | Dividend Yield, % |
| 2004 / com | n. p. | 160,000 | - | - | - | - | | 2005 / com | n. p. | 456,260,384 | - | - | - | - | | 2006 / com | n. p. | 456,260,384 | - | - | - | - | | 2007 / com | n. p. | 493,260,384 | - | - | - | - | | 2008 / com | n. p. | 493,260,384 | - | - | - | - | | 2009 / com | n. p. | 493,260,384 | - | - | - | - |
Stock Market
Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
| PIK Group | PIKK | RU000A0JP7J7 | MICEX | | PIK Group | PIKK | RU000A0JP7J7 | RTS Classic | | PIK Group | PIKKG | RU000A0JP7J7 | RTS T+0 | | PIK Group GDR | PIQ2 | US69338N2062 | Berlin Stock Ex | | PIK Group GDR | PIQ2 | US69338N2062 | Frankfurt SE | | PIK Group GDR | PIK | US69338N2062 | London SE | | PIK Group GDR | PKGPL | US69338N1072 | PORTAL | | PIK Group GDR | PIQ2 | US69338N2062 | XETRA |
Price Chart |
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Participation in DR Programs |
| Level | Effective Date | Underlying Share Ratio | CUSIP | Depositary Bank |
| GDR Reg S | 05 Jun 07 | 1: 1 | 69338N206 | Deutsche Bank | | GDR 144 A | 05 Jun 07 | 1: 1 | 69338N107 | Deutsche Bank |
Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
| MT-RusIndex | 0.27 | 01 Jan 10 | | | RusIndex 100 | 0.25 | 01 Oct 07 | | | RusIndex Industrials | 0.32 | 01 Jan 08 | |
Fixed Income Instruments
Issue Parameters |
Issue #/ Tranche # | Registration Number | Registration Date | Period | Par Value, RUR | Issue Volume, RUR thnd | Number of Coupons | Coupon Period | Guarantee |
| 1 | 4-01-01556-À | 30 Nov 01 | 180 | 1,000 | 100,000 | 2 | 91 | | | 2 | 4-02-01556-À | 30 Nov 01 | 210 | 1,000 | 100,000 | 2 | 120 | | | 3 | 4-03-01556-À | 20 Sep 02 | 360 | 1,000 | 500,000 | 8 | 91 | | | 4 | 4-04-01556-A | 06 Jun 03 | 720 | 1,000 | 750,000 | 8 | 90 | | | 5 | 4-05-01556-A | 28 Apr 05 | 1,092 | 1,000 | 1,120,000 | 12 | 91 | PIK Development, DSC-2 |
Coupons |
Issue #/ Tranche # | Coupon # | Start Coupon Period | End Coupon Period | Coupon, % |
| 1 | 1 | 15 Jan 02 | 15 Apr 02 | 21.50 | | 1 | 2 | 15 Apr 02 | 14 Jul 02 | 23.04 | | 2 | 1 | 16 Jan 02 | 16 Apr 02 | 21.50 | | 2 | 2 | 16 Apr 02 | 14 Aug 02 | 23.04 | | 3 | 1 | 16 Oct 02 | 14 Jan 03 | 21.00 | | 3 | 2 | 14 Jan 03 | 14 Jan 03 | 14.50 | | 3 | 3 | 14 Jan 03 | 14 Apr 03 | 21.00 | | 3 | 4 | 14 Apr 03 | 14 Apr 03 | 14.50 | | 3 | 5 | 14 Apr 03 | 13 Jul 03 | 21.00 | | 3 | 6 | 13 Jul 03 | 13 Jul 03 | 14.50 | | 3 | 7 | 13 Jul 03 | 11 Oct 03 | 21.00 | | 3 | 8 | 11 Oct 03 | 11 Oct 03 | 14.50 | | 4 | 1 | 10 Jul 03 | 08 Oct 03 | 14.00 | | 4 | 2 | 08 Oct 03 | 06 Jan 04 | 14.00 | | 4 | 3 | 06 Jan 04 | 05 Apr 04 | 14.00 | | 4 | 4 | 05 Apr 04 | 04 Jul 04 | 14.00 | | 4 | 5 | 04 Jul 04 | 02 Oct 04 | 13.00 | | 4 | 6 | 02 Oct 04 | 31 Dec 04 | 13.00 | | 4 | 7 | 31 Dec 04 | 31 Mar 05 | 13.00 | | 4 | 8 | 31 Mar 05 | 29 Jun 05 | 13.00 | | 5 | 1 | 24 May 05 | 23 Aug 05 | 13.00 | | 5 | 2 | 23 Aug 05 | 22 Nov 05 | 13.00 | | 5 | 3 | 22 Nov 05 | 21 Feb 06 | 13.00 | | 5 | 4 | 21 Feb 06 | 23 May 06 | 13.00 | | 5 | 5 | 23 May 06 | 22 Aug 06 | 10.20 | | 5 | 6 | 22 Aug 06 | 21 Nov 06 | 10.20 | | 5 | 7 | 21 Nov 06 | 20 Feb 07 | 10.20 | | 5 | 8 | 20 Feb 07 | 22 May 07 | 10.20 | | 5 | 9 | 22 May 07 | 21 Aug 07 | 9.20 | | 5 | 10 | 21 Aug 07 | 20 Nov 07 | 9.20 | | 5 | 11 | 20 Nov 07 | 19 Feb 08 | 9.20 | | 5 | 12 | 19 Feb 08 | 20 May 08 | 9.20 |
Primary Market |
Issue #/ Tranche # | Start Placement Date | End Placement Date | Placement Price, % | Volume Placed, RUR thnd | Maturity date | Offer Date | Offer price, % | Status | Issue Placement Registration Date |
| 1 | 15 Jan 02 | 15 Jan 02 | 100.00 | 100,000 | 14 Jul 02 | | | redeemed | 11 Feb 02 | | 2 | 16 Jan 02 | 16 Jan 02 | 100.00 | 100,000 | 14 Aug 02 | | | redeemed | 11 Feb 02 | | 3 | 16 Oct 02 | 16 Oct 02 | 100.00 | 500,000 | 11 Oct 03 | 30 Apr 03 | | redeemed | 12 Nov 02 | | 4 | 10 Jul 03 | 10 Jul 03 | 100.00 | 750,000 | 29 Jun 05 | | | redeemed | 29 Jul 03 | | 5 | 24 May 05 | 24 May 05 | 100.00 | 1,120,000 | 20 May 08 | 22 May 07 | 100.00 | redeemed | 16 Jun 05 |
Key Financial Characteristics
Balance Sheet |
| | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 |
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 24.54 | 29.38 | 30.25 |
| ASSETS, of which | 126,699.39 | 142,479.44 | 119,324 | 5,163 | 4,850 | 3,944.85 |
| Fixed Assets and Other Non-current Assets, of which | 41,079.75 | 44,153.94 | 37,005 | 1,674 | 1,503 | 1,223.39 |
| | Fixed Assets | 12,539.88 | 12,867.22 | 10,390 | 511 | 438 | 343.49 |
| | Intangible Assets | 21,202.45 | 27,467.69 | 22,072 | 864 | 935 | 729.7 |
| | Other Assets | 7,337.42 | 3,819.04 | 4,543 | 299 | 130 | 150.19 |
| Current Assets, of which | 85,619.63 | 98,325.5 | 82,319 | 3,489 | 3,347 | 2,721.47 |
| | Inventories | 50,257.67 | 76,263.22 | 67,345 | 2,048 | 2,596 | 2,226.43 |
| | Accounts Receivable | 18,306.75 | 14,659.22 | 10,685 | 746 | 499 | 353.25 |
| | Cash | 17,055.21 | 3,172.74 | 3,417 | 695 | 108 | 112.97 |
| | Other Current Assets | 0 | 4,230.32 | 872 | 0 | 144 | 28.83 |
| OWNER'S EQUITY, of which | 50,306.75 | 20,035.25 | 8,434 | 2,050 | 682 | 278.83 |
| | Charter Capital | 0 | 30,875.44 | 30,843 | 0 | 1,051 | 1,019.67 |
| | Reserves | 50,306.75 | -9,811.99 | -7,869 | 2,050 | -334 | -260.15 |
| | Retained Earnings | 0 | -1,028.2 | -14,540 | 0 | -35 | -480.69 |
| LIABILITIES, of which | 76,392.64 | 122,444.18 | 110,890 | 3,113 | 4,168 | 3,666.02 |
| | Long-Term Debt | 34,625.77 | 8,401.88 | 22,121 | 1,411 | 286 | 731.32 |
| | Short-Term Debt | 0 | 31,756.76 | 16,169 | 0 | 1,081 | 534.55 |
| | Accounts Payable | 33,766.87 | 73,501.76 | 63,753 | 1,376 | 2,502 | 2,107.67 |
| | Other Liabilities | 8,000 | 8,783.78 | 8,847 | 326 | 299 | 292.48 |
| Financial data standard | IAS | IAS | IAS | IAS | IAS | IAS |
| Audited | Audited | Audited | Audited | Audited | Audited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
P&L Account |
| | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 |
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 25.58 | 24.87 | 31.75 |
| Sales | 69,100.47 | 35,527.07 | 41,175 | 2,703 | 1,434 | 1,296.89 |
| Production Costs | 45,785.77 | 57,428 | 43,966 | 1,791 | 2,318 | 1,384.8 |
| Operating Profit | 23,314.7 | -21,900.93 | -2,791 | 912 | -884 | -87.91 |
| Other Income | -1,815.07 | -7,382.89 | -7,831 | -71 | -298 | -246.65 |
| Income Before Taxes | 21,499.63 | -29,283.82 | -10,622 | 841 | -1,182 | -334.56 |
| Net Income | 17,895.05 | -28,094.63 | -11,488 | 700 | -1,134 | -361.84 |
| Financial data standard | IAS | IAS | IAS | IAS | IAS | IAS |
| Audited | Audited | Audited | Audited | Audited | Audited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
Key Ratios |
| | 31 Dec 07 | 31 Dec 08 | 31 Dec 09 |
| Company Valuation Coefficients | |
| P/BV | 7.20 | 0.69 | 7.22 |
| P/S | 5.46 | 0.33 | 1.55 |
| P/E | 21.07 | neg. | neg. |
| Company Efficiency Coefficients | |
| Sales/Employee, USD thnd | 164.38 | 101.09 | 91.80 |
| Net Profit Margin, % | 25.90 | neg. | neg. |
| ROA, % | 18.28 | neg. | neg. |
| ROE, % | 57.68 | neg. | neg. |
| Turnover Coefficients | |
| Receivables Turnover | 5.63 | 2.30 | 3.06 |
| Assets Turnover | 0.71 | 0.29 | 0.30 |
| Inventory Turnover | 1.54 | 0.62 | 0.54 |
| Liabilities Turnover | 1.03 | 0.39 | 0.68 |
| Capital Structure Coefficients | |
| Equity Ratio | 0.40 | 0.14 | 0.07 |
| Debt Ratio | 0.60 | 0.86 | 0.93 |
| Equity/Debt | 0.66 | 0.16 | 0.08 |
| Current Liquidity | 2.54 | 0.92 | 1.01 |
| Quick Liquidity | 1.05 | 0.21 | 0.18 |
Production Overview
Production |
| Product | Measure | 2007 | 2008 | 2009 | Units |
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| Construction | 1,000 | 1,542 | 813 | 884 | sq. m |
Capacity |
| Product | Measure | Capacity | Units |
| Information is not available yet. |
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