Peak — financial company or builder?


We see a good increase in revenue by 37% y / y to 189 billion, it grows on 32% g / g. Gross profit increases to 46 billion. Profit from the company’s operating activities + 48% to 35 billion. So far everything is good — housing prices have grown The sales volumes have grown at the expense of a preferential rate.

However, another story begins for the operating profit. Under Operation 35 billion, the income from financial activities amounted to 49 billion. The question arises, and the peak is a developer or financial company, which during the reporting period we see such a skew? It’s all about the contract with VTB. The peak is concluded with the bank an inexpensive financial instrument, which is extended every six months. The basic asset is the receipt of the peak itself. It is very likely that under this instrument implies settlement futures

What’s the point? The fact is that according to this contract VTB undertakes to pay the peak by the difference, between the price of the contract and the current quotation on the stock exchange. Thus, the peak receives real profits from the growth of the course value of its shares, which the Bank pays. If the stocks fall, then the peak pays the bank.

Contracts are concluded in 2017 and 2018, in fact, it is probably why from the moment we are observing the trouble-free growth of shares.

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