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10th Anniversary of FPP

Dear Customers,

After the first nine months of 2015, we're pleased to provide you with the latest information on the Company's work. On this occasion, we would like to highlight several events of special importance. First of all, in May 2015 FPP celebrated its 10th anniversary. Over the last decade we have strengthened our position in Warsaw and Wroclaw with sales of more than 2,400 apartments. Secondly, our property investments in Wroclaw have reached a new milestone - in August 2015, the number of apartments we had sold there had exceeded 700. All of these achievements make us proud, as they prove the constant trust of our customers, for which we are deeply grateful.

Our business activity in Warsaw is currently focused on the Ostoja-Wilanów project. In July 2015 we began sales of apartments in Building C2 of Ostoja-Wilanów (www.ostoja-wilanow.com), which actually consists of two 'U'-shaped buildings located near a pond (a total of 126 apartments). Construction works for the first stage have been contracted to SKANSKA S.A., and as part of our quality policy,  construction began a few months before the sales process, in March 2015. We are also continuing work on Building B4 in Ostoja-Wilanów (136 apartments), with construction planned for completion in Q4 2015. Moreover, we have made significant progress on our new project, Villa Botánica in Powsin. In June 2015, we signed an agreement with the Municipal Water and Sewerage Company (MPWiK) for construction of the sewerage system. We will be keeping you updated on this project in the coming months.

Our operations in Wroclaw involve construction works on Buildings 6.4 and 6.5 of the Innova Apartments project (www.apartamentyinnova.com), with 206 apartments and an 18-storey apartment block. We are also finishing another project in Wrocław - construction work on 158 apartments of the Moderno Housing Estate (www.osiedlemoderno.com) is almost complete. We hope to begin handing these apartments over to their prospective owners in the coming weeks.

Our sales in the first 9 months of the year amounted to 252 apartments (in both Warsaw and Wroclaw), a 25% increase on last year. By the 30th of September 2015, we had 626 apartments under construction. Finally, our finances. As at the end of September this year, our debt to financial institutions is maintained at a symbolic level of PLN 2.3 m  (approx. EUR 550,000). Note that after clicking the financial data tab on this website, you will find selected data starting from 2010. From that page you can also download our financial statements for previous years.

Finally, we want to thank you for the confidence you have repeatedly shown us, in all of our projects.

Warsaw, 5th October 2015.

FPP was established in 2005 and its shareholders include: the Spanish company MARTINSA-FADESA S.A. (with a 51% interest), and the Polish company POLNORD S.A. (the remaining 49%). Currently, FPP is implementing the following residential construction projects: Ostoja-Wilanów (www.ostoja-wilanow.com ) in Warsaw, and Osiedle-Moderno (www.osiedlemoderno.com ) and Apartamenty-Innova (www.apartamentyinnova.pl ) in Wrocław. FPP has also completed the Osiedle-Innova (www.osiedle-innova.com ) residential construction project in Wrocław. The company owns plots in Poland sufficient to construct another 700 apartments. From the date of its establishment until 30th September 2015, FPP has sold 2,478  apartments (including 700 in Wrocław) and handed over the keys to 2,154 apartments. In 2014, FPP sold 259 apartments and handed over the keys to 408 others, invoicing for an amount of PLN 174 m.

Open days 2-7 November 2015 in Wrocław
The percentage of completion ratio of the Innova Appartments buildings 6.5 and 6.4 in Wrocław is amounts to 40%.
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