Polnord Group sums up data on units sold and handed over in 2018

According to data weighted with Polnord's shares, in 2018 the Company - based on preliminary and reservation agreements, including cancellations - contracted 836 premises against 1,389 premises in the record-breaking 2017.

Polnord Group sums up data on units sold and handed over in 2018

According to data weighted with Polnord's shares, in 2018 the Company - based on preliminary and reservation agreements, including cancellations - contracted 836 premises against 1,389 premises in the record-breaking 2017. From January to December last year, the Group companies, 100% dependent on Polnord, transferred the title to 968 units (910 premises in 2017) on clients by notarial deeds, which will be recognised in the sales revenue of this period. In turn, in the financial result of 2018, in which data weighted with Polnord's shares in JV companies were also recognised, 1,017 units will be disclosed (1,131 premises in 2017).

In the fourth quarter of 2018, the Group's sales amounted to 83 units (355 in the fourth quarter of 2017, 256 in the third quarter of 2018). The Group will recognise 340 units (516 in the fourth quarter of 2017, 140 in the third quarter of 2018) in the sales revenue of the last three months of 2018, and 359 units (574 in the fourth quarter of 2017, 141 in the third quarter 2018) will be recognised in the financial result.

- 2018 was undoubtedly a difficult period for developers who had to face an expanding range of threats to the further development of the industry. The rising prices of construction services and the prolonged time associated with obtaining administrative decisions resulted in the need to recalculate budgets, which led to shifts in the schedules of many projects planned by development companies and affected their pre-sale of apartments. As we have already communicated, Polnord Group is currently conducting in-depth analyses of the profitability of all projects. We focus on the margin, not on the volume. The priority task - of the Management Board of Polnord SA operating since 1 December 2018 in the full target composition - is the preparation of high-margin projects for the coming years. Works have already begun on updating the Company's strategy, which is to set the main directions of its development and ensure the growth in value for Shareholders. We anticipate that we will be ready to present it to the market around mid-2019. - comments Marcin Gomoła, President of the Management Board of Polnord SA.