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M&A: VTB sells 16.48% equity stake in PIK Group

JSC VTB Bank sold its 16.48% stake in OJSC PIK Group, the latter company informed.

The stake was disposed by means of a repo transaction.
OJSC PIK Group (tax number: 7713011336) was established in 1994 is 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.

According to the DataCapital information retrieval system, RAS net profit of PIK Group for 2013 was RUB 702.445 million against a negative profit the year before. The company's revenue increased by 97% to RUB 16.819 billion from RUB 8.495 billion, GP was RUB 7.101 billion against RUB 4.418 billion the year before.

IFRS net profit of PIK Group in 2013 grew 2.3-fold to RUB 7.4 billion from RUB 3.1 billion in 2012. Revenue decreased by 5.4% to RUB 62.5 billion from RUB 66.1 billion, revenue from real estate by 2.7% to RUB 53.3 billion from RUB 54.8 billion. EBITDA from core activities activity increased by 31.9% to RUB 14 billion from RUB 10.6 billion, EBITDA margin to 22.4% from 16.1%. Gross income grew to 28.2% c 21.7%, gross income from real estate sales to 28.5% from 23.4%. Cash flow from operations increased to RUB 12.5 billion from RUB 7 billion. Net debt as of December 31, 2013 decreased by RUB 20.1 billion to RUB 18 billion. Cash inflow increased by 10.8% to RUB 74.8 billion; cash inflow from real estate sales increased by 20.4% to RUB 63 billion, cash inflow from retail real estate sales by 32.3% to RUB 59.3 billion. The share of retail real estate sales increased to 94.2% from 85.7%.

JSC VTB Bank (tax number: 7702070139) ranks second largest Russian bank after Sberbank in terms of assets. The state's share in its authorized capital is 75.5%. In Russia, VTB Group performs banking operations through one parent bank (VTB Bank) and six subsidiary banks (the largest of them being VTB 24, the Bank of Moscow and TransCreditBank). Outside Russia, the group performs operations through 15 affiliated banks located in the CIS countries (Armenia, Ukraine (2 banks), Belarus (2 banks), Kazakhstan and Azerbaijan), in Europe (Austria, Cyprus, Germany, France, the UK, and Serbia), Georgia, Africa (Angola) and through two representative offices located in Italy and China, through its two branches in China and India and through two VTB Capital Plc. branches in Singapore and Dubai.

IFRS net profit of VTB Group for 2013 grew by 10.9% to RUB 100.5 billion, net profit for Q4 2013 went up 79.3% to RUB 54.5 billion. Net interest margin in 2013 increased by 31.3% to RUB 323 billion, net fee and commission income by 14.7% to RUB 55.4 billion. In 2013, the Bank's assets increased by 18.2% reaching RUB 8,768.5 billion as of December 31. 2013.

Net profit of JSC VTB Bank in 2013 net of events after the balance sheet date grew by 62.9% to RUB 35.119 billion from RUB 21.561 billion the year before. Pre-tax profit increased by 61.76% to RUB 35.385 billion from RUB 21.875 billion.

RAS net profit of VTB for Q1 2014 grew 4 times to RUB 5.8 billion from RUB 1.403 billion for the same period in in 2013. Pre-tax profit also increased 4-fold to RUB 5.747 billion from RUB 1.451 billion.

"AK&M", 13.05.2014


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