Six hundred apartments sold in Wrocław. Thank you.
It is our great pleasure to present to you an update on FPP. Using this opportunity, we would like to thank you for the trust you have continuously placed in us. It is based on that trust and confidence that we were able to reach the 600-apartments-sold milestone in our Wrocław-based projects in February. We are extremely grateful to you for that outcome. While in May 2010, we broke ground for the OSIEDLA-INNOVA estate (531 apartments, www.osiedle-innova.com), today having completed the seventh and the last stage of the project, FPP has two further estates underway in Wrocław: OSIEDLE-MODERNO (www.osiedlemoderno.pl) and APARTAMENTY INNOVA (www.apartamentyinnova.pl). As regards the latter, on 7 March we started the sales process for the total of 206 apartments and 4 commercial units. As an example of our commitment to quality standards, the construction works for the APARTAMENTY INNOVA project had already commenced in late November 2014, and the marketing of apartments was initiated during the Fair of Apartments and Houses that took place in Wrocław on 7 and 8 March 2015. MAXBUD Sp. z o.o. is in charge of the construction. Similarly to our other projects in Wrocław, the apartments had been designed taking into account the tips and suggestions from our customers, thus making them apartments worth living in. The APARTAMENTY INNOVA project is financed by GETIN NOBLE BANK and, as was with the OSIEDLE-MODERNO project, is subject to the amended property development law (which became effective in April 2012). This means, among other things, that all the payments from our customers will be transferred to escrow accounts dedicated to the project.
In Warsaw, we broke ground at OSTOJA-WILANÓW (www.ostoja-wilanow.com) for the C2 building (126 apartments) in February. SKANSKA S.A. was appointed the contractor for the first stage of the works and the financing for this new stage, and for the entire OSTOJA WILANÓW estate, is provided by Bank PEKAO S.A. (Unicredit Group). The C2 building (in fact two U shaped buildings) is located in the central part of the Ostoja pond, with the majority of the apartments overlooking the estate's green areas. At the moment, including the C2 building, FPP has 626 apartments under development (both in Warsaw and Wrocław).
A regards the safety of your investment, FPP remains one of the most reliable and secure residential property developers in the Polish market. Our outstanding liabilities to financial institutions continue at a marginal level, totalling a mere PLN 5.95 million (some EUR 1.4 million) as at 31 December 2014. For further details of our financial standing and performance, see the Financial Data tab containing financial highlights since 2010. The Company's financial statements for the last three financial periods are also available for download at your convenience. Upon completion of the audit for 2014 by our auditors, DELOITTE, we will post a file with the approved and audited financial statement for 2014.
Summing up, thank you again for the confidence you are unwaveringly placing in our Company by entrusting us with the construction of your home.
Warszawa, 9 March 2015.
FPP was set up in 2005; its shareholders comprise Spanish MARTINSA-FADESA S.A. (51% interest) and Polish POLNORD S.A. (49% interest). Currently FPP has under construction the Ostoja-Wilanów (www.ostoja-wilanow.com) estate in Warsaw and the Osiedle-Innova (www.osiedle-innova.com), Osiedle-Moderno (www.osiedlemoderno.pl), and Apartamenty-Innova (www.osiedle-innova.com) estates in Wrocław. FPP also holds land in Poland that is sufficient to construct another 730 apartments. From its inception to 28 February 2015, FPP sold 2,275 apartments, of which 600 in Wrocław, and handed over keys to 2,131 apartments. In 2014, FPP sold 259 apartments, handed over keys to 408 apartments, and generated PLN 174 million in revenues.