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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rose Grp | LSE:RGI | London | Ordinary Share | GG00B1H11J88 | ORD 0.0000004P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRGI
RNS Number : 3498Y
R.G.I. International Limited
23 January 2014
R.G.I. International Limited
(AIM: RGI)
Fourth Quarter and Full Year 2013 Trading Update
R.G.I. International Limited ("RGI" or the "Company"), the AIM listed developer of quality residential properties in Moscow and the surrounding areas, today announces the following update to the market regarding its trading in Q4 and the full year 2013.
Highlights:
-- Trading for Q4 was one of the strongest in the Company's history and exceeded management expectations
-- At our V Lesu residential project, 162 apartments were sold in Q4 2013 (Q4 2012: 135), bringing the total number sold to 1,235 at the end of 2013 versus 715 sold at year-end 2012
-- 62,480 sq. m (2012: 45,457) of V Lesu Phase 1 (Buildings 16, 17 and 18) has now been sold representing 78% of the total available. Total pre-sales of apartments have now exceeded US$274m (RUR 8.9bn)
-- Phase I of V Lesu has received occupancy permits and is on track for residents to begin moving into apartments by late Q1 2014
-- In Q4 2013 the Tsvetnoy Central Market department store recorded turnover of US$28.7m (RUR 934m) versus US$29.3m (RUR 856m) in Q4 2012 of, an increase of 9% in Rouble terms. Total revenue for 2013 was US$99.0m (RUR 3.1bn) versus US$85.8m (RUR 2.7bn) 2012, an increase of 18%
-- Tsvetnoy full year revenue from rent and sales of own-bought products increased 22.8% to US$23.6 (RUR 753 m) from US$19.8 m (RUR 612m) in 2012
-- Planning permissions were received in Q4 for RGI's Kvazar development, which is adjacent to the V Lesu development and comprises a 17.1 hectare residential and office development
Microgorod V- Lesu
Sales of apartments at V Lesu in Q4 exceeded management expectations. 162 apartments were sold in Q4, an increase of 21% on Q4 2012. The total sold in Phase 1 is now 954, or 78% of the total available, while 281 units have been sold in Phase 2, representing 20% of the total.
The quarterly analysis of sales is as follows:
Q1 Q2 Q3 Q4 Total 2012 Apartments sold 120 113 129 162 524 619 ------ ------ ------ ------- ------- ------- Sq meters sold 8,384 8,222 9,321 11,789 37,716 39,770 ------ ------ ------ ------- ------- -------
Prices continue to recover from summer lows with an average sale price in December 2013 for Phase 1 apartments of US$3,866 (RUR 126,635) per square meter; meanwhile Phase 2 sales prices per meter reached US$3,219 (RUR 105,420) in December. The share of sales financed by mortgage contracts in 2013 was approximately 55% (2012: 57%).
In Phase 1, Buildings 16, 17 and 18, received occupancy permits (passed state commissioning) in Q4 2013. These buildings are on track for residents to take ownership and move in at the end of Q1 2014, when the Company will recognize revenues from the sales.
Tsvetnoy Central Market
Turnover in Q4 and for the full year was as follows:
Q1 Q2 Q3 Q4 Total 2012 Increase % Turnover RUR m 755 727 738* 935 3,155 2,667 18% ----- ----- ----- ----- ------ ------ ----------- Turnover US$ m 24.8 23.0 22.5 28.7 99 85.8 15% ----- ----- ----- ----- ------ ------ ----------- Footfall thousand visitors 452 471 494 699 2,117 1,989 6% ----- ----- ----- ----- ------ ------ -----------
* Previously reported 9m turnover of RUR 2,259m was revised to 2,220 m after a reconciliation with certain concessionaires. The change does not affect reported revenue or operating profit.
Tsvetnoy had record footfall in Q4 2013, with nearly 700,000 visitors (Q4 2012: 510,000). This increase is further evidence that the repositioning of the store earlier in 2013 is beginning to have results. A new management team of retail specialists has focused on more affordable fashion brands and with a better mix in place the store is appealing to a broader customer base.
Commenting, Chief Executive Andrey Nesterenko said:
"2013 was a great year for us. We delivered on our key project goals at V Lesu and improved our operational performance at Tsvetnoy. We have made key personnel improvements at both RGI and Tsvetnoy's operational business, bringing more professionals to the team. In addition, we have obtained permits for projects like Forum and Kvazar (part of Microcity V Lesu), commissioned our 1st phase of V Lesu and significantly improved the Company's cost structure. Our strong focus on operating performance has led to record results in December for sales at both V Lesu and Tsvetnoy.
The Rose Group brand is clearly defined and this has contributed to a resilient performance during a year of slow growth for the Russian economy. 2014 will be a landmark year for the Company as we book revenues from V Lesu and we look forward with confidence."
Enquiries:
RGI David Wood, Chief Financial Officer Anna Orlova, Head of Marketing and PR +7 495 933 6180 Citigate Dewe Rogerson - Financial PR Adviser Tom Baldock Jos Bieneman +44 (0) 20 72822889 Shore Capital - Nominated Adviser Stephane Auton Edward Mansfield +44 (0) 207 408 4090
About RGI
RGI has been successfully creating new markets in Moscow real estate since 1993. The Company's innovative drive played a key role in the transformation of Moscow's Golden Mile in the 1990s, when new landmark buildings were constructed that set the benchmark for modern living and working spaces in the rapidly changing Russian capital. Today the Company is focused on serving Moscow's growing middle class professionals by building aspirational, design led, residential communities. Its pioneering Microgorod V Lesu project has set new standards for the Moscow residential sector by offering homebuyers a well configured development, with good facilities and apartments finished to a high quality. In addition to its distinctive residential properties, RGI developed, owns and operates Tsvetnoy Central Market, Moscow's first iconic department store on Tsvetnoy Boulevard. The Company is listed on the LSE's AIM market and has significant land holdings in central Moscow.
For more information go to www.rgi-international.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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