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M&A: A. Mamut, S. Gordeev buy 36.1% of PIK Group shares

Alexander Mamut and Sergey Gordeyev have finalized the purchase of 16.02% and 19.9% of the shares in PIK Group from Suleyman Kerimov Foundation, according to PIK Group's the press release.

The transaction value was not disclosed in the statement.
PIK Group (tax number: 7713011336) was established in 1994 and a residential real estate developer focusing on projects in Moscow and Moscow region and committed to implementing projects in other Russian regions.

The company's core business is the development, construction and marketing of residential real estate, mainly in the mass housing market segment.

IFRS net profit of PIK Group for H1 2013 (IFRS) was RUB 2.6 billion against a loss of RUB 0.9 billion in 2012. Revenue increased by 72.4% to RUB 25 billion to RUB 14.5 billion. Administrative and commercial expenses dropped by 12.5% to RUB 1.4 billion from RUB 1.6 billion. The group reduced its loan debt payable to banks by RUB 7.1 billion to RUB 36.1 billion. EBITDA grew more than 3 times to RUB 6.3 billion from RUB 2.1 billion. Net cash flow from operations was RUB 4.6 billion against a negative cash flow (RUB -0.4 billion) the year before.

"AK&M", 24.12.2013


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