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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 : 8135K
R.G.I. International Limited
02 August 2013
R.G.I. International Limited
Q2 2013 trading update
R.G.I. International Limited ("RGI" or the "Company"), the AIM listed developer of quality residential and commercial properties in Moscow and the surrounding areas announces the following update to the market regarding its trading in Q2 2013.
Highlights
-- 113 apartments at Microgorod V Lesu were sold in Phases 1 and 2 in Q2 2013 (Q2 2012: 194), bringing the total number sold since beginning pre-sales in September 2011 to 947 apartments, totaling 62,018,59 sq. m
-- Cash collections from V Lesu apartment sales during Q2 amounted to RUR 859m (Q2 2012: RUR 1.2bn), bringing total pre-sales to date of apartments to approximately RUR 6.1bn (US$ 187 m)
-- By the end of Q2 2013 at V Lesu Phase 1 62 apartments (4,461.22 sq. m.) have now been sold, representing 67.3% of available space, since commencing pre-sales in September 2011
-- At V Lesu Phase 2, where sales began in February 2013, 51 apartments (3,760.80 sq. m.) have been sold representing 3.7% of Phase 2 available space
-- The average price per square meter of apartments at V Lesu Phase 1 was 16.7% higher than during the same period last year, reaching RUR 110,231 per sq. m (approx. US$ 3.4K per sq. m at June end exchange rate)
-- Good progress was made on site at V Lesu and construction of all residential buildings, infrastructure and amenities remains on schedule
-- Sales at the Tsvetnoy Central Market department store continued to improve with 24% yoy turnover growth in Q2 2013, with store turnover up to RUR 727m (US$ 22.2m)
-- Formal permission received from the Moscow City Government to reconstruct and enlarge Moscow's oldest movie theater, "Forum"
-- Ownership of the 36,000,000 million ordinary shares of RGI shares previously held by Synergy Classic Limited was formally transferred to Direct Finance LLP, following the exercise by Globex Bank (owner of Direct Finance) of its full ownership rights. Direct Finance is now the holder of 120,168,094 shares in RGI, which represents 73.4% of the issued share capital of the Company
Microgorod V Lesu
Construction has proceeded on schedule at Microgorod V Lesu and Building 18 of Phase 1 will be ready for commissioning by end of year.
Cash collections from V Lesu apartment sales during Q2 amounted to RUR 859m (Q2 2012: RUR 1.2bn), bringing total pre-sales of apartments to approximately RUR 6.1bn (US$ 187m). Sales prices increased further, bringing overall growth of 38.2% since pre-sales commenced in September 2011. The high absolute values for flats relative to earnings, general slowdown in consumer disposable income and the increase in mortgage rates have all contributed to a slowdown in the rate of sales during Q2 compared to Q2 2012. By June 2013 approximately 56% of Phase 1 sales at V Lesu were sold through mortgage contracts. At the end of 2012 rates started to rise and an average interest rate on mortgages reached 14.7% (compared to 10% at the beginning of 2012). However in May 2013 mortgage rates fell to 12.7% and we have seen increased customer activity in June and July. In addition the government has announced that it will take steps to reduce rates further, giving the Company confidence that an improvement in market conditions may lie ahead.
Images of the progress being made can be viewed at V Lesu's website, www.microgorodvlesu.ru
Tsvetnoy Department Store
Operating results:
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 --------------------------- -------- -------- -------- -------- -------- -------- Turnover RUR m 604 585 622 856 754 727 --------------------------- -------- -------- -------- -------- -------- -------- Turnover US$ m 18.8 18.3 19.4 29.3 24.8 22.7 --------------------------- -------- -------- -------- -------- -------- -------- Footfall million visitors 0.42 0.54 0.54 0.51 0.45 0.47 --------------------------- -------- -------- -------- -------- -------- --------
The period under review saw a slowdown in consumer spending in Moscow as the pace of Russian economic growth moderated. However, footfall at the Tsvetnoy department store remained unchanged and turnover during Q2 2013 grew 24% compared to the same period in 2012 up to RUR 727m.
The Tsvetnoy Central Market department store is now one of the most recognized retail centers in Moscow. We believe the level of footfall indicates positive momentum in the business, particularly given the adverse weather conditions which extended well into April. Further improvements to the brand mix during the quarter together with effective marketing have had positive results and the new club on the 7th Floor is exceeding it revenue expectations.
Central Moscow projects
During Q2 (GPZU was signed on 18 July 2013 and registered on 22 July 2013), RGI received formal permission from the Moscow City Government, through the issue to RGI of official town-planning documents, to reconstruct and enlarge Moscow's oldest movie theater, "Forum". RGI is currently evaluating various concepts to proceed based on the permits. Further updates with regard to the Company's other Central Moscow projects will be provided within RGI's financial results for the six months ended 30 June 2013, which are scheduled for release in September.
Commenting, RGI Chief Executive Andrey Nesterenko said:
"RGI is benefiting from the stability provided by its new majority shareholder and continues to make progress at Microgorod V Lesu, Tsvetnoy and its central Moscow projects. We are encouraged by the steps being taken by the government to reduce mortgage rates, which we expect to offset slower growth in the economy and underpin demand for our premium economy apartments. The company is now focused to adapt to current market conditions and is focused on proceeding with existing Moscow projects and further operational improvements"
RGI
Andrey Nesterenko +7 495 933 6180
Elena Lisitsyna, Head of Marketing and PR
Shore Capital- Nominated Adviser
Anita Ghanekar +44 (0) 207 408 4090
Edward Mansfield
Citigate Dewe Rogerson - Financial PR Adviser
Tom Baldock +44 (0) 20 7282 2979
Jos Bieneman
This information is provided by RNS
The company news service from the London Stock Exchange
END
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