Letter

Letter from the President of the Management Board of INPRO SA
Ladies and Gentlemen,
On behalf of the Management Board, I have the pleasure to present the Annual Report of
INPRO SA for the year 2013 to you. I address this letter to our Shareholders, Contractors,
Employees and other Stakeholders.
Despite the persistent economic slowdown, 2013 was a successful year for developers. It was
not only better than 2012, but also comparable with the record year 2007. The contributing
factors include, among others: relatively low prices of flats, advantageous interest rates for
borrowers, and the growth of income in Poland. Moreover, buyers wishing to use the last
months in which it was possible to obtain credit for 100% of the value of a flat focused on
doing so.
Undoubtedly, INPRO SA took advantage of its very good experience-based knowledge of the
market and the commitment of the whole staff. The Company easily found its way in the new
market reality regulated by the property developer act. This is confirmed by the sales of
premises which, in the period from January to December 2013, was 443 flats and houses
gross (in the meaning of preliminary agreements) in total, which is 100 agreements more
than in the previous year (a 29% increase). If withdrawals from agreements are taken into
consideration, the so-called net sales were 373 agreements (also a 29 % increase).
At the same time, in the period in question Inpro SA placed on the market the total of 395
flats and houses on the following projects: Chmielna Park building B, City Park buildings E
and F, Wróbla Staw multi-family buildings stage III, and Wróbla Staw single-family houses
stage D.
Sales revenues achieved by Inpro in 2013 were 16% higher year on year and amounted to
nearly PLN 185 million. In 2013 the Company delivered more premises than a year before
(410 compared to 344). However, in view of the situation on the property development
market and of the need to use various kinds of promotion, net profit constituted 8% of the
sales against 11% in the previous year. Profitability was adversely affected by a large share of
the revenues from the main contracting works for related companies in the turnover (the
margin on such works being lower than on property development activity).
www.inpro.com.pl
INPRO S.A., ul. Opata Jacka Rybińskiego 8, 80-320 Gdańsk, tel.: (58) 34 00 370, e-mail: [email protected]
Spółka wpisana do rejestru przedsiębiorców prowadzonego przez Sąd Rejestrowy Gdańsk – Północ w Gdańsku VII Wydział
Gospodarczy Krajowego Rejestru Sądowego pod numerem KRS 0000306071. Spółka Emitenta została zarejestrowana w rzeczonym
rejestrze przedsiębiorców dnia 29 maja 2008 roku. Spółka posiada również numer identyfikacji podatkowej NIP 589-000-85-40 oraz
numer ewidencji statystycznej REGON 008141071.
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Despite great concern about the economic situation, the previous year proved much better
than we initially had assumed, a fact which lets us look towards the future with hope. In
addition to the factors mentioned earlier, demand in the coming months will be stimulated by
the "Flat for Young People" programme launched in 2014. Inpro has flats qualifying for that
Programme and intends to extend is relevant offer.
In the second half of the next year we are also planning to start the sales of the first buildings
from new projects in very attractive locations, including the Oliwa district of Gdańsk,
Grunwaldzka street (land was purchased in 2013 from TVP SA), and in the Przymorze district
of Gdańsk, Szczecińska street. We also intend to launch the next stages of current projects.
This should let us maintain a high sales level in 2014 and, consequently, contribute to the
further steady growth of the value of INPRO SA.
I wish to thank all the Shareholders for their trust in the Company and the employees for their
commitment and contribution to the Company's development so far.
Enjoy reading the Report.
Piotr Stefaniak
President of the Management Board of
Inpro SA
www.inpro.com.pl
INPRO S.A., ul. Opata Jacka Rybińskiego 8, 80-320 Gdańsk, tel.: (58) 34 00 370, e-mail: [email protected]
Spółka wpisana do rejestru przedsiębiorców prowadzonego przez Sąd Rejestrowy Gdańsk – Północ w Gdańsku VII Wydział
Gospodarczy Krajowego Rejestru Sądowego pod numerem KRS 0000306071. Spółka Emitenta została zarejestrowana w rzeczonym
rejestrze przedsiębiorców dnia 29 maja 2008 roku. Spółka posiada również numer identyfikacji podatkowej NIP 589-000-85-40 oraz
numer ewidencji statystycznej REGON 008141071.
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