Warsaw, September 11th 2013 INVESTOR PRESENTATION HI 2013 FINANCIAL RESULTS POLNORD SA CAPITAL GROUP
DISCLAIMER This report has been prepared solely for information purposes and is not intended to incite to buy or sell any financial instruments. This report does not constitute an advertisement, offer or suggestion to purchase financial instruments. Sources of information used are considered by Polnord SA reliable and accurate, but there is no guarantee that they are complete and fully reflect the actual state. The presentation may contain forward-looking statements, which represent investment risk or source of uncertainty and may differ materially from actual results. Polnord SA is not responsible for the effects of decisions made on the basis of this study. Information contained in this presentation should not be treated as a source of knowledge sufficient to make an investment decision. Responsibility for the use of the information contained in the paper rests solely with the users of the presentation. This report is copyright protected. Copying, publishing or distribution requires written permission from Polnord SA. 2
SPIS TREŚCI H1 2013 OVERVIEW SALES AND DELIVERIES FINANCIAL RESULTS COMPENSATORY CLAIMS PUBLIC HOUSING PROJECTS UNDER CONSTRUCTION 3
WYBRANE DANE FINANSOWE ZA IH2013 SALES REVENUE [THOUSANDS PLN] GROSS PROFIT ON SALES /NET PROFIT [THOUSANDS PLN] 100 000 90 000 80 000 70 000 83 581 89 423 14 000 12 000 10 000 10 951 9 498 10 665 11 972 Gross profit on sales Net profit 60 000 67 135 8 000 50 000 40 000 30 000 20 000 10 000 0 48 989 41 102 35 801 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 6 000 4 000 2 000 0 1 877 4 278 2 206 3 700 3 771 1 455 4 767 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 146 SALES & DELIVERIES [UNITS] GENERAL ADMINISTRATIVE AND SELLING EXPENSES [THOUSANDS PLN] units 400 kpln 14 000 350 300 250 200 150 245 194 150 222 198 212 12 000 10 000 8 000 6 000 12 834 11 949 10 369 13 023 8 701 8 518 100 50 0 233 194 144 367 136 110 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 4 000 2 000 0 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 Deliveries Net sales 4
SIGNIFICANT EVENTS Operations Joint Venture Agreement with Group Waryński to construct a development project Stacja Kazimierz in Warsaw (total usable area 45 thousand sqm., value in current net prices 300 mpln, planned commencement of phase 1 in Q1 2014 165 apartments). Joint Venture Agreement with Semeko to continue the construction of the development project Aquasfera in Reda near Gdynia (total usable area 29,5 thousand sqm., 550 apartments, value in current net prices 125 mpln). Significant improvement of sales: monthly average net sales of 100% subsidiaries of Polnord in H1 2013 43 apartments, in July 55 apartments, in August 62 apartments, monthly average net sales of Fadesa Polnord Polska in H1 2013 25 apartments, in July 37 apartments, in August 19 apartments. August 2013 commencement of new investments by 100% subsidiaries of Polnord in Ząbki near Warsaw (Neptun) and Gdańsk (Dwa Tarasy), as well as phase 3 of project Śródmieście Wilanów in Warsaw (within the framework of launched phases a total of 460 apartments of total usable area of 23 thousand sqm. will be constructed). Preparation to launch within the coming year of new investments in Warsaw, Gdynia, Reda, Olsztyn and Wrocław. A total of ca. 1100 apartments with usable area of 53,4 thousand sqm. will be build within the framework of phases commenced. Debt management and indemnities Submission of a statement of claim against Miejskie Przedsiębiorstwo Wodociągów i Kanalizacji w m.st. Warszawie SA ("MPWiK") for take-over, for remuneration of 57,3 mpln, of a part of the water and sewage network, constructed during the investment of Miasteczko Wilanów in Warsaw. Submission of a statement of claim against the Capital City of Warsaw for indemnity for damage incurred by the Company as a result of unlawful decisions on refusal to pay indemnity for public roads in Wilanów in the amount of 140 mpln. Submission of an application with the Capital City of Warsaw on payment of indemnities for plots located in the district of Wilanów in Warsaw separated for public roads in the amount of 182,2 mpln. Repayment of development loans on projects City Park in Łódź and Śródmieście Wilanów building C in Warsaw. Upcoming bond redemption dates: 20.11.2013 5 mpln, 3.12.2013 30,4 mpln. Q4 2013 planned issue of bonds at total par value up to 50 mpln with three-year maturity. Reduction of operation costs Lowest since 2007 general administrative and selling expenses in the amount of 17,2m PLN in 2013 IH (decrease by 31% compared to 2012 IH). 5
H1 2013 OVERVIEW SALES AND DELIVERIES FINANCIAL RESULTS COMPENSATORY CLAIMS PUBLIC HOUSING PROJECTS UNDER CONSTRUCTION 6
DELIVERIES AND MARGINS IN H1 2013 DELIVERIES AND REVENUES RECOGNIZED IN THE FINANCIAL STATEMENT units 400 350 300 250 200 245 222 212 194 150 198 150 100 50 233 194 144 367 136 110 0 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 WARSAW PROJECT UNITS DELIVERED UNITS SOLD TO BE DELIVERED REVENUES [KPLN] % GROSS PROFIT [KPLN] MARGIN Ostoja Wilanów 39 14 23 046 28 % 1 652 7 % Królewskie Przedmieście 5-3 338 4 % 143 4 % Dobry Dom 4 1 2 070 2 % 315 15 % TRICITY Ostoja Myśliwska II 30 8 8 491 10 % 1 863 22 % 2 Potoki I 18 7 3 951 5 % 975 25 % Sopocka Rezydencja 28 10 13 409 16 % - 4 277-32 % Osiedle Guderskiego I 6 7 1 027 1 % 49 5 % GROSS RENTABILITY ON SALES 16% Deliveries Net sales OLSZTYN Osiedle Tęczowy Las (bud.4) SZCZECIN 8 4 1 383 2 % 462 33 % Ku Słońcu I 8 4 2 461 3 % 193 8 % 14% 12% 13,1% 13,4% 13,3% Ku Słońcu II (bud. 2) 67 19 15 461 19 % 1 683 11 % ŁÓDŹ 10% City Park 21 8 5 447 7 % -502-9 % 8% 9,2% WROCŁAW Osiedle Innova 12 3 3 350 4 % 1 508 45 % 6% 6,4% TOTAL 246 85 83 434 100 % 4 064 5 % 4% 2% 4,5% ATTENTION: Data not weighted by Polnord s share in the project 0% 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 7
SALES AND OFFER GROSS SALES *Q3 2013 sales estimate based on the assuption that sales in September will be equal to average sales in July and August 2013. OFFER AS AT 30.06.2013 Gross sales in H1 2013 equal to 439 units, 410 units accounting for annulations Gross sales in Q2 2013 equal to 221 units, 212 units accounting for annulations 12 reservation agreements signed in H1 2013 Sales in July 2013 equal to 92 units accounting for annulations Sales in August 2013 equal to 81 units accounting for annulations, 62 of which were sold by subsidiaries 100% owned by Polnord Level of sales positively influenced in coming periods by the commencement, individually or jointly with partners, of new investments 1600 1400 1200 1000 800 377 273 266 327 395 348 423 443 490 388 Offer as at 30.06.2013: 1177 apartments, comprising 388 completed units and 789 units under construction 600 400 200 557 799 1170 1087 1010 1014 962 877 899 789 0 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 Offer 934 1072 1436 1414 1405 1365 1385 1320 1389 1177 Units under construction Units completed 8
PROJECTS TO BE LAUNCHED Brama Sopocka 7.500 sqm. usable area 120 units Phase I: 2.800 sqm.usable area, 42 units Planned commencement 4Q2013 Planned completion 4Q2015 Dwa Tarasy 15.739 sqm. usable area 334 units Phase I: 7.336 sqm. usable area, 162 units Launched 3Q2013 Planned completion 3Q2014 Osiedle Tęczowy Las (build. 6) 6.743 sqm. usable area 149 units Planned commencement 3Q2013 Planned completion 2Q2015 Aquasfera (Reda near Gdynia) 29.500 sqm. usable area 550 units Build. T2: 11.103 sqm. usable area, 215 units Planned commencement 3Q2013 Planned completion 4Q2013/4Q2014 Neptun (Ząbki near Warsaw) 30.000 sqm. usable area 600 units Phase IA: 6.204 sqm. usable area, 109 units Launched 3Q2013 Planned completion 3Q2015 Osiedle Moderno 7.225 sqm. usable area 158 units Planned commencement 4Q2013 Planned completion 2Q2015 Śródmieście Wilanów, build. D 9.500 sqm. usable area 189 units Launched 3Q2013 Planned completion 2Q2015 Ostoja Wilanów (Phase VI, build. C2) 12.320 sqm. usable area 184 units Planned commencement 4Q2013 Planned completion 1/2Q2014 Miniapartaments in Wilanów 16.000 sqm. usable area 800 units Phase I: 4.000 sqm. usable area, 200 units Planned commencement 1/2Q2014 Planned completion 1/2Q2015 Stacja Kazimierz 45.000 sqm. usable area 450 units Phase I: 9.200 sqm. usable area, 165 units Planned commencement 1Q2014 Planned completion 4Q2017 9
RENTABILITY OF NEW PROJECTS Location Investment Total UA* Estimated number of apartments Planned gross sale price PLN/sqm. UA Direct costs excluding financial costs per sqm. UA** Direct margin on sales % Direct margin on sales PLN/sqm. UA Direct costs assigned to land [mpln]*** Total direct margin [mpln] Estimated net operational inflow [mpln]**** Warsaw Wilanów Śródmieście Wilanów build. D 9 500 189 6 700 4 895 21 % 1 309 16,2 12,4 28,6 Warsaw Wilanów Warsaw Ząbki Miniapartaments 16 000 800 10 500 6 662 22 % 1 874 53,0 30,0 83,0 Neptun 30 000 600 5 300 3 830 22 % 1 077 18,3 32,3 50,6 Gdynia Brama Sopocka 7 500 120 6 000 4 250 24 % 1 306 9,4 9,8 19,2 Gdańsk Dwa Tarasy 15 739 334 5 150 3 515 26 % 1 254 7,9 19,7 27,6 Olsztyn OTL phase II build. 6 6 743 149 4 325 3 150 21 % 855 1,8 5,8 7,6 TOTAL 85 482 2 192 106,5 110,0 216,5 * UA usable area ** direct costs include costs of purchase of land, project costs and construction costs *** as at 30.06.2013 land is owned by the Capital Group, undertaking new investments will enable the recovery of incurred expenditures **** net inflow calculated as the inflow stemming from sales contracts reduced by direct costs and increased by value of land Projects to be undertaken by subsidiaries 100% owned by Polnord High rate of return between 20% - 30% Construction on land owned by Polnord Capital Group Estimated total direct margin 110 mpln Estimated net operational inflow 216,5 mpln 10
H1 2013 OVERVIEW SALES AND DELIVERIES FINANCIAL RESULTS COMPENSATORY CLAIMS PUBLIC HOUSING PROJECTS UNDER CONSTRUCTION 11
PROFIT AND LOSS ACCOUNT Gross profit on sales the result of lease of office space (4.177 kpln) and delivery of 246 units (3.318 kpln) SPECIFICATION (THOUSAND PLN) 1H2013 1H2012 2Q2013 2Q2012 Sales revenue 76 903 150 716 35 801 67 135 Prime cost of sales ( 70 047) (123 657) ( 31 034) ( 62 857) Gross profit (loss) on sales 8 538 15 229 4 767 4 278 Revaluation of investment property: building B3 in Wilanów Office Park due to advanced progress of commercialization (ca. 90%) Plots in Sopot due to changes in the local area development plan Revaluation of investment property 34 367 227 12 887 General administrative and selling expenses ( 17 219) ( 24 783) ( 8 518) ( 11 949) Other operating revenue 1 151 85 487 426 59 905 Other operating expenses ( 7 878) ( 8 227) ( 1 201) ( 478) Gross operating profit (loss) 18 959 67 933 8 361 51 756 Financial revenue 6 524 6 023 3 035 1 473 Financial expenses ( 21 463) ( 52 324) ( 10 896) ( 35 713) Further decrease of SG&A costs by 31% y/y Share in profit of associated company ( 122) ( 28) Gross profit (loss) 4 020 21 150 500 17 488 Decrease of the value of other operating revenue stemming from recognition in 2H 2012 of a one-off revenue from indemnities in the amount of 83,3 mpln Income tax ( 2 562) (9 894) ( 446) ( 8 007) Net profit (loss) on continued operations 1 458 11 616 54 9 481 Net profit (loss) on discontinued operations 143 (241) 92 17 Net profit (loss) 1 601 11 375 146 9 498 12
BALANCE SHEET - ASSETS SPECIFICATION (THOUSAND PLN) 30.06.2013 31.12.2012 Non-current assets 1 330 942 1 243 044 Property, plant and equipment 13 733 14 223 Investment property 990 693 947 668 Intangible assets 777 898 Investments in associates measured with equity method 3 Financial assets 28 278 19 425 Deferred tax assets 47 424 45 353 Long-term receivables 127 552 92 995 Goodwill 122 482 122 482 Current assets 949 184 1 014 472 Inventory 667 062 661 356 Trade and other receivables 135 833 185 832 Other short-term financial assets 59 709 77 290 Receivables due to VAT and other taxes 19 129 12 887 Receivables due to income tax 884 1 255 Payments 11 576 5 855 Cash and cash equivalents 51 991 69 997 TOTAL ASSETS 2 280 126 2 257 516 13
millnion PLN million PLN BALANCE SHEET - ASSETS STRUCTURE OF INVENTORY 800 700 600 500 400 661,4 662,2 667,3 0,3 26,7 0,1 26,7 1,0 26,7 358,6 361,8 354,7 INVENTORY LAND BANK AS AT 30.06.2013 Wrocław; 17,3m PLN Ząbki near Warsaw; 18,9m PLN Bartąg, near Olsztyn; 7,6m PLN Tricity; 56,2m PLN Lublin; 6,4m PLN 300 200 153,2 164,5 190,0 Łódź; 47,4m PLN 100 0 122,6 109,2 94,9 31.12.2012 31.03.2013 30.06.2013 Warsaw; 167,5m PLN Szczecin; 33,4m PLN Units completed Units under construction Land bank Infrastructure Other STRUCTURE OF INVESTMENT PROPERTY INVESTMENT PROPERTY LAND BANK AS AT 30.06.2013 1200,0 1000,0 800,0 947,7 973,2 990,7 33,2 34,4 71,6 94,7 33,7 96,9 93,0 93,0 93,0 Warsaw, Wilanów; 505,2m PLN 600,0 400,0 749,9 751,0 767,1 200,0 0,0 31.12.2012 31.03.2013 30.06.2013 Land bank Office building B1 (Wilanów) Office building B3 (Wilanów) Stroj-Dom (Russia) Other; 3m PLN Dobrzewino, municipality Szemud; 16,1m PLN Sopot; 59,7m PLN Kowale near Gdańsk; 9,5m PLN Dopiewiec near. Poznań; 122,3m PLN Łódź; 40m PLN Jastarnia - Jurata; 4,7m PLN Głowsków near Piaseczno; 6,5m PLN 14
WARSAW, DISTRICT WILANÓW LAND BANK List of land plots of highest value in Miasteczko Wilanów in Warsaw No. of plot Area [sqm.] Value in the financial report [kpln] Investment plans 2/70 93.581 135 441 2/48 72.421 88 933 2/101 29.023 52 996 2/96 2/228 30.899 53 263 9 21.627 38 410 Area adjacent to the planned southern ring road S2 of Warsaw. Area development plan allows the construction of apartments and services. Potential to construct 90 thousand sqm. of residential usable area. Polnord does not plan to launch any development projects on this land plot in the nearest 3 years. Area designated for housing and public utility facilities as well as sports and recreational facilities. Polnord does not plan to launch any development projects on this land plot in the nearest 3 years. Moreover, Polnord considers the possibility to apply for a change in the area development plan for this land plot. Area assigned to the project "Miniapartaments", the launch of which will take place in 2014. These plots consitute a complex located in the vicinity of the planned ring road S2. In 2014 Polnord plans to begin work on the project of a residential estate of total usable area of 30 thousand sqm. Land plot no. 9 is located in the vicinity of plots no. 2/96 and 2/228. This area is designated for a residential project of total usabel area of 20 thousand sqm. 2/115 2/97 23.211 39 610 Polnord is negotiating the sale of this land plot. TOTAL 270.762 408 652 15
WARSAW, DISTRICT WILANÓW LAND BANK MAP 16
BALANCE SHEET EQUITY AND LIABILITIES SPECIFICATION (THOUSAND PLN) 30.06.2013 31.12.2012 Equity 1 329 442 1 327 558 Long-term liabilities 556 762 532 034 Interest-bearing bank loans and borrowings 485 954 464 846 Provisions 200 196 Other liabilities 4 618 3 748 Deferred income tax provision 64 853 61 957 Accruals 1 137 1 287 Short-term liabilities 393 922 397 924 Trade and other liabilities 36384 34 178 Current long-term portion of bank loans and borrowings 94 029 45 419 Short-term revolving loans 788 Other short-term loans and borrowings 112 402 194 854 Liabilities due to VAT and other taxes 1 477 1 624 Liabilities due to income tax 1 066 1 Accruals 4 351 3 502 Advance payments received 79 674 53 397 Provisions 64 539 64 161 Total liabilities 950 684 929 958 TOTAL EQUITY AND LIABILITIES 2 280 126 2 257 516 17
SCHEDULE OF REPAYMENT OF INTEREST-BEARING DEBT DEBT [M PLN] Q3 2013 Q4 2013 2014 2015 2016+ TOTAL Residential projects 1,1 6,9 44,9 20,6 18,1 91,6 Commercial projects 1,2 0,5 2,0 2,0 97,5 103,2 Current loans 80,2 80,2 Debt stemming from issued bonds 4,5 35,4 18,5 114,0 180,0 352,4 Loans of Fadesa Polnord Polska Group 7,6 18,9 26,5 Other (including FPP loans) 30,0 8,5 38,5 TOTAL 6,8 72,8 153,2 164 295,6 692,4 Cash and cash equivalents as at 30.06.2013 52 NET DEBT as at 30.06.2013 640,4 NET INTEREST-BEARING DEBT AS AT 30.06.2013 800 100% 700 600 673,7 684,0 639,3 635,9 636,7 640,4 90% 80% 70% 500 60% 400 50% 300 40% 200 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 30% Net debt (mpln) Net debt to equity ratio (%) [right scale] 18
1H 2013 OVERVIEW SALES AND DELIVERIES FINANCIAL RESULTS COMPENSATORY CLAIMS PUBLIC HOUSING PROJECTS UNDER CONSTRUCTION 19
COMPENSATORY DAMAGES FOR ROADS AND INFRASTRUCTURE The judgement of the Supreme Administrative Court fully confirms Polnord's legal position regarding the Company's claim for compensation. CLAIMS SOLD COMPENSATORY DAMAGES DUE FROM THE CAPITAL CITY OF WARSAW FOR LAND PLOTS ASSIGNED FOR PUBLIC ROADS DATE OF SALE AREA SUBJECT TO COMPENSATION SALE PRICE POTENTIAL INFLOWS Receivable I (sold to Polski Bank Przedsiębiorczości) 29.06.2011 15,9 ha 101,5 mpln - Receivable Ii (sold to Polski Bank Przedsiębiorczości) 17.07.2012 6,74 ha 43,4 mpln - Additional agreement (participation in amounts exceeding 144,9 mpln) 27.12.2012-25 mpln 5 mpln CLAIMS SETTLED BEFORE COURT COMPENSATORY DAMAGES DUE FROM THE CAPITAL CITY OF WARSAW FOR LAND PLOTS ASSIGNED FOR PUBLIC ROADS DATE OF SUBSMISSION COMPENSATORY CLAIM STATUS VALUE OF RECEIVABLE IN THE CONSOLIDATED FINANCIAL REPORT Claim for indemnity for damage incurred by the Company as a result of unlawful decisions on refusal to pay indemnity for public roads 28.06.2013 140 mpln summons to a conciliation hearing - Claim for indemnity for plots (10 ha) assigned for public roads in Wilanów, Warsaw 28.06.2013 182,2 mpln In progress 39,9 mpln COMPENSATORY DAMAGES DUE FROM MPWIK* FOR WATER AND SEWERAGE INFRASTRUCTURE DATE OF SUBSMISSION COMPENSATORY CLAIM STATUS VALUE OF RECEIVABLE IN THE CONSOLIDATED FINANCIAL REPORT Claim for compensation for usufruct of water and sewerage utilities in Miasteczko Wilanow on a non-contractual basis 25.04.2012 11,8 mpln In progress (value of claim increases with time) Claim to take-over, for compensation, part of the water and sewage network, constructed during the investment of Miasteczko Wilanów in Warsaw Claim to take-over, for compensation of the sanitary sewage network constructed during the investment of Miasteczko Wilanów in Warsaw 05.03.2013 57,3 mpln In progress - ca. 55 mpln In preparation 72 mpln *MPWiK - Miejskie Przedsiębiorstwo Wodociągów i Kanalizacji (Municipal Water and Wastewater Company) 20
H1 2013 OVERVIEW SALES AND DELIVERIES FINANCIAL RESULTS COMPENSATORY CLAIMS PUBLIC HOUSING PROJECTS UNDER CONSTRUCTION 21
MARKET FOR PUBLIC HOUSING Statutory task of municipalties: creation of conditions to meet housing needs of self-government community Tight budget of local self-governments: necessity to complete ongoing investment projects (especially infrastructural projects) restrictions on further indebtedness of municipalities pressure to reduce public debt extension of municipality obligations successive take-over of responsabilities for indebtedness of self-government legal persons (such as Independent Public Health Care institutions), cultural institutions and municipal companies (including guarantees) Only 2 500 public flats delivered each year in Poland ie. on average 1 flat/municipality/year Estimated deficit of public flats for the less affluent in Poland = 400.000 flats URGENT ISSUE FOR LOCAL SELF-GOVERNMENTS (see Supreme Audit Office report 10.01.2012) Well adjusted offer of public flats (product + financing structure) 22
H1 2013 OVERVIEW SALES AND DELIVERIES FINANCIAL RESULTS COMPENSATORY CLAIMS PUBLIC HOUSING PROJECTS UNDER CONSTRUCTION 23
PROJECTS UNDER CONSTRUCTION Śródmieście Wilanów, build. A Location : Warsaw Commenced 3Q2011 Planned completion 3Q2013 9 059 sqm. usable area 170 units, available 37 units* Śródmieście Wilanów, build. C Location : Warsaw Commenced 3Q2012 Planned completion 3Q2014 10 565 sqm. usable area 162 units, available 57 units* Śródmieście Wilanów, build. D Location : Warsaw Commenced 3Q2013 Planned completion 2Q2015 9 500 sqm. usable area 189 units, available 189 units* * Offer as at 30.06.2013 24
PROJECTS UNDER CONSTRUCTION Neptun, phase IA Location: Ząbki near Warsaw Commenced 3Q2013 Planned completion 3Q2015 6 204 sqm. usable area 109 units, available 109 units* Osiedle Tęczowy Las (build. 5) Location: Bartąg near Olsztyn Commenced 1Q2012 Planned completion 3Q2013 5 838 sqm. usable area 103 units, available 64 units* Ku Słońcu (phase 2, building 1) Location : Szczecin Commenced 2Q2012 Planned completion 4Q2013 7 575 sqm. usable area 158 units, available 158 units* 2 Potoki (phase 2, buildings 6-9) Location : Gdańsk Commenced 2Q2012 Planned completion 3Q2013 7 092 sqm. usable area 162 units, available 138 units* * Offer as at 30.06.2013 25
PROJECTS UNDER CONSTRUCTION Dwa Tarasy (etap I) Location: Gdańsk Commenced 3Q2013 Planned completion 3Q2014 7 336 sqm. usable area 162 units, available 162 units* Osiedle Innova (phases 4/5) Location: Wrocław Commenced 1Q2012/1Q2012 Planned completion 2H2014/2H2014 4 468/4 468 sqm. usable area 92/92 units, available 22/29 units* Osiedle Innova (phases 6/7) Location: Wrocław Commenced 1H2013 Planned completion 3Q2014/3Q2014 3 194/4 693 sqm. usable area 56/56 units, available 51/56 units* Ostoja Wilanów (phase 7) Location : Warsaw Commenced 3Q2011 Planned completion 2Q2014 19 430 sqm. usable area 324 units, available 177 units* * Offer as at 30.06.2013 26
THANK YOU FOR YOUR ATTENTION CONTACT FOR INVESTORS Agata Wiktorow-Sobczuk e-mail: Agata.Wiktorow-Sobczuk@polnord.pl tel. (22) 351 96 12 27